7. A 5.1% coupon bearing bond pays interest semi-annually and has a maturity of 14 years. If the current price of the bond is $1,053.74, what is the yield to maturity of this bond? (Answer to the nearest hundredth of a percent, e.g. 12.34%)

4. Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $98,000 per year on each birthday from age 70 to age 100 (a total of 31 withdrawals). If the account which contains your savings earns 5.3% per year simple interest, how much money needs to be in the account by the time you reach your 70th birthday? (Answer to the nearest dollar.) Hint: This can be solved as a 30-year ordinary annuity plus one withdrawal at age 70, or as a 31-year annuity due.