A General Power bond carries a coupon rate of 9.4%, has 9 years until maturity, and sells at a yield to maturity of 8.4%. (Assume annual interest payments.)

a. What interest payments do bondholders receive each year?

Interest payments:______

b. At what price does the bond sell? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Price:_________

c.What will happen to the bond price if the yield to maturity falls to 7.4%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Price will ______ by ______