21.Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $85.The market requires an interest rate of 8.0% on these bonds.What is the bond's price?

22.Polyscientific Corporation's bonds make an annual coupon payment of8.5%.The bonds have a par value of $1,000, a current price of $1,255, and mature in 15 years.What is the yield to maturity on these bonds?

23.Jim Angel holds a $200,000 portfolio consisting of the following stocks:

StockInvestment ($)Beta

A30,0000.95

B60,0001.00

C30,0001.40

D 80,0001.30

Total$200,000

(a)What is the portfolio's beta?(Hint: take a weighted average.)

(b)If the market return is 11% and the risk free rate is 4%; what is the portfolio's required rate of return?