a. A firm in the 33% tax bracket is aware of a tax-exempt municipal security that is paying a yield of 4.98%. To match this yield, taxable securities must offer a before-tax yield of _______.

[Enter the answer in as a percent (e.g., 5.55% = 5.55) - not a decimal]

b. What is the price of a bond with a par value of $1,000, an annual coupon of 9.22% that is paid semiannually, 9.89% discount rate and 25 years to maturity?

[Round the final answer to the nearest cent]

c. What is the realized yield on a bond with an annual coupon of 2.83% that is paid semiannually, a par value of $1,000, 30 years to maturity, that was purchased for $768.87 but has increased/decreased to $1,096.13 over a 6-year holding period?

[Enter the answer in as a percent (e.g., 5.55% = 5.55) - not a decimal]

d. What is the modified (Macaulay) duration of a 3-year bond 3.5% annual coupon with a par value of $1,000 and a 4% yield to maturity?

[Round the answer to two decimals]