$2)$ Thatcher$$s Biscuit Company has outstanding bonds with a face value of $$5,000.$ These bonds are issued with an annual coupon rate of $8\%.$ Suppose that yields in the market rise and that similar bonds are now being issued with a rate of $12\%.$ What would the price of Thatcher$$s bonds be when there are:

a$.30$ years to maturity

b$.20$ years to maturity

c$.10$ years to maturity

d$.1$ year to maturity

e$.$ What do you notice about the relationship between the time to maturity of the bond and its price when the yield to maturity is greater than the coupon yield?