23) 23) The current yield tends to understate a bond's total return when the bond sells for a discount because: A) the bond may have a higher face value. B) the bond's price will increase each year. C) increases in interest rates will increase the current yield. D) current yields show only nominal returns. 24) 24) When the yield curve is upward-sloping, then: A) short-maturity bonds offer the highest coupon rates. B) long-maturity bonds increase in price when interest rates increase. C) short-maturity bonds yield less than long-maturity bonds. D) long-maturity bonds are priced above par value. 25) You have just retired with savings of $1.5 million. If you expect to live for 30 years and 25) to earn 8% a year on your savings, how much can you afford to spend each year? Assume that you spend the money at the start of each year. B)$133,241.15 c) s112. 148.50 D) S123.37144 A)$120,000.00