1a. Suppose a seven-year, $1,000 bond with a(n) 6.76% coupon rate and semiannual coupons is trading with a yield to maturity of 4.05%.If the yield to maturity of the bond rises to 4.66% (APR with semiannual compounding), at what price will the bond trade?(Round to two decimal places.)

1b. Assume the zero-coupon yields on default-free securities are as summarized in the following table:

Maturity (years)	1	2	3	4	5
Zero-coupon YTM	3.60%	4.20%	4.60%	4.80%	5.10%

What is the price today of a two-year, default-free security with a face value of $1,000 and an annual coupon rate of 5%?Does this bond trade at a discount, at par, or at a premium?(Round to the nearest cent.)

1c. Andrew Industries is contemplating issuing a 30-year bond with a coupon rate of 10.27% (annual coupon payments) and a face value of $1,000.Andrew believes it can get a rating of A from Standard and Poor's. However, due to recent financial difficulties at the company, Standard and Poor's is warning that it may downgrade Andrew Industries bonds to BBB. Yields on A-rated, long-term bonds are currently 9.77%, and yields on BBB-rated bonds are 10.17%. a. What is the price of the bond if Andrew maintains the A rating for the bond issue? (Round to the nearest cent.) b. What will the price of the bond be if it is downgraded?

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