19. An investor purchased a fixed-coupon bond at a time when the bond's yield to maturity was 6.9%. The investor sold the bond prior to maturity and realized a total return of 7.1%. Which of these most likely occurred while the investor owned the bond?

		Market interest rates declined.
		The inflation rate increased.
		Market interest rates increased.
		The bond's current yield increased above the bond's coupon rate.

22. Bernard co. has 8% coupon bonds on the market that have 14 years left to maturity. The bonds will make annual payments. If the YTM on these bonds is 12%, what is the current bond price (in $ dollars)? (Assume the face value of the bond is $1,000) $________.

26. What would be the price of a stock that pays an annual fixed dividend of $1.1 for ten years, and then the dividend payment increases by 1% every year, and the required rate of return is 5% annually?