1-Madsen Motorss bonds have 23 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 9%, and the yield to maturity is 11%. What is the bonds current market price?

2- A bond has a $1,000 par value, 12 years to matu-rity, and an 8% annual coupon and sells for $980. A) What is its yield to maturity (YTM)? B). Assume that the yield to maturity remains constant for the next three years. What will the price be 3 years from today?