a tax exempt bond was recently issued at an annual 8% coupon rate and matures 20 years from today. The par value of the bond is $5000.

a. if required market rates are 8%, what is the market price of the bond?

B. if required market rates fall to 4%, what is the market price of the bond?

c. if required market rates rise to 12%, what is the market price of the bond?

d. At what required market rate (8%, 4% or 12%) does the above bond sell at a discount? at a premium?

Thanks