5. A bond's market price is $850. It has a $1,000 par value, will mature in 10 years, and has a coupon interest rate of 11 percent annual interest, but makes its interest payments semiannually. What is the bond's yield tomaturity? What happens to the bond's yield to maturity if the bond matures in 20 years? What if it matures in 5 years?

6. Fitzgerald's 35-year bonds pay 8 percent interest annually on a $1,000 par value. If the bonds sell at $905, what is the bond's yield to maturity? What would be the yield to maturity if the bonds paid interest semiannually? Explain the difference.