A company has 15-year bonds with a $5000 maturity value and a quoted coupon rate of 13% paid semiannually. The current yield is 10% compounded semiannually. (Round your answers to the nearest cent.)

(a) Compute the price of these bonds.

(b) Suppose that with 5 years remaining until maturity, the yield rate drops to 5% compounded semiannually. Find the new price of these bonds.

Find the present value of an annuity of $2000 per year at the end of each of 10 years after being deferred for 4 years, if money is worth 9% compounded annually. (Round your answer to the nearest cent.)

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