1a. Caspian Sea Drinks needs to raise $44.00 million by issuing bonds. It plans to issue a 14.00 year semi-annual pay bond that has a coupon rate of 5.09%. The yield to maturity on the bond is expected to be 4.86%. How many bonds must Caspian Sea issue? (Note: Your answer may not be a whole number. In reality, a company would not issue part of a bond.)

Answer format: Number: Round to: 0 decimal places.

1b. Assume a par value of $1,000. Caspian Sea plans to issue a 23.00 year, annual pay bond that has a coupon rate of 6.00%. If the yield to maturity for the bond is 6.0%, what will the price of the bond be?

Answer format: Currency: Round to: 2 decimal places.

1c. A taxable bond with a coupon rate of 9.00% has a market price of 98.26% of par. The bond matures in 9.00 years ans pays semi-annually. Assume an investor has a 15.00% marginal tax rate. The investor would prefer otherwise identical tax-exempt bond if it's yield to maturity was more than _____%

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))