a. Consider a l-year bond which makes coupon payments at the end of each quarter of the year. Assume the annual coupon rate is 12%; annual yield is 8%; and the par value is $1000. What is its present value? b. Consider a 4-year bond which makes coupon payments at the end of each year (annual coupon payment). Assume the par value is $1000; and annual yield is 10% Suppose the coupon rate is not constant. For year I and year 2, the coupon payment is $100 (10% annual coupon rate). For year 3 and year 4, coupon payment is &c (roo 100% annual coupon rate). If the price of the bond, p, is $900, how much is x