8. An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child's birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company: After the child's sixth birthday, no more payments are made. When the child reaches age 65 , he or she receives $361,000. If the relevant interest rate is 11 percent for the first six years and 7 percent for all subsequent years, what is the value of the policy at the child's 65 th birthday? 9. The App Store needs to raise $2.2 million for an expansion project. The firm wants to raise this money by selling zero coupon bonds with a par value of $1,000 that mature in 20 years. The market yield on similar bonds is 8.8 percent. How many bonds must The App Store sell to raise the money it needs? (Assume semiannual compounding.) 10. You find the following corporate bond quotes. To calculate the number of years until maturity, assume that it is currently January 15,2019 . The bonds have a par value of $2,000 and semiannual coupons. a. What is the yield to maturity for the bond issued by Xenon, Inc.? b. What price would you expect to pay for the Kenny Corp. bond? c. What is the Kenny Corp. bond's current yield? d. What is the coupon rate for the Williams Co. bond