64 Lightning Electrics outstanding bond has a $1,000 maturity value and a 4.5 percent coupon rate of interest (paid semiannually). The bond, which was issued five years ago, matures in 10 years. If investors require a return equal to 6 percent to invest in similar bonds, what is the current market value of Lightnings bond?

65 Eleven years ago, Elite Elements issued a 15-year bond with a $1,000 face value and a 5 percent coupon rate of interest (paid semiannually). If investors require a return equal to 7 percent to invest in similar bonds, what is the current market value of Elites bond?

66 Fine Fishing Lures (FFL) has an outstanding bond with a $1,000 face value and a 9 percent coupon rate of interest (paid semiannually). The bond, which was issued 22 years ago, matures in eight years.

If investors require a return equal to 4 percent to invest in similar bonds, what is the market value of FFLs bond?

611 Severn Companys bond has four years remaining to maturity. Interest is paid semiannually, the bonds have a $1,000 par value, and the coupon interest rate is 9 percent. Compute the yield to maturity for the bonds if the current market price is (a) $851 and (b) $1,105.

613 Four years ago Messy House Painting issued a 20-year bond with a $1,000 maturity value and a 4 percent coupon rate of interest. Interest is paid semiannually. The bond is currently selling for $714. (a) What is the bonds yield to maturity? (b) If the bond can be called in three years for a redemption price of $1,016, what is the bonds yield to call?