29. Two years ago, Phutki Corp. issued a $1,000 par value, 11 percent (annual payment) coupon bond. At the time the bond was issued it had 15 years to maturity. Currently this bond is selling for $1,000 in the bond market. Phutki Corp. is now planning to issue a $1,000 par value bond with a coupon rate of 9 percent (semi-annual payments) that will mature 25 years from today. Assuming that the riskiness of the new bond is the same as the previous bond (i.e., the YTM on the new bond is equal to the current YTM on the previous bond), how much will investor's pay for this new bond?

36. Dr. Lee plans to add Sony, Inc. stock to his investment portfolio. The stock just paid a dividend of $1.50 (i.e., D0 = 1.50). He expects that the dividend will grow at 20% for the next two years and 4% forever after that. Assuming a discount rate of 13%, Dr. Lee knows that Sony, Inc stock is worth $______.