23. This morning, Mary bought a ten-year, $1000 par value bond with a 6.5% coupon rate and semi-annual payments. She paid $994 for the bond. If the market interest rate on this type of bond increases to 7% tonight, how much will Mary receive for her first coupon payment?

24. What is the equilibrium price of a $1000 par value bond with a 8.325% coupon rate (annual payments) that matures in 18 years, assuming that this bonds yield to maturity (YTM) is 6.85%?

25. What is the yield to maturity (YTM) of a $1000 par value bond that current sells for $868.42, assuming that the bond has a coupon rate of 6.4% (annual payments) and 26 years remaining to maturity?