An $11-$year bond of a firm in severe financial distress has a coupon rate of $10\%$ and sells for

$$910.$ The firm is currently renegotiating the debt, and it appears that the lenders will allow the

firm to reduce coupon payments on the bond to one$-$half the originally contracted amount. The

firm can handle these lower payments. What are the stated and expected yields to maturity of

the bonds? The bond makes its coupon payments annually.

Suppose that today's date is April $15.$ A bond with a $8\%$ coupon paid semiannually every

January $15$ and July $15$ is listed in The Wall Street Journal as selling at an ask price of

$1,013\mathrm{.}333.$ If you buy the bond from a dealer today, what price will you pay for it$?$