A General Power bond with a face value of $1,000 carries a coupon rate of 8.4%, has 9 years until maturity, and sells at a yield to maturity of 7.4%. (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 6.4%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Price will

(Click to select) rise/fall by $