An election is being held to fill four seats on the board of directors of a firm in which you hold stock. The company has 8,700 shares outstanding. If the election is conducted under cumulative voting and you own 480 shares, how many more shares must you buy to be assured of earning a seat on the board? (Do not round intermediate calculotions and round your answer to the nearest whole number, e.g., 32.) Problem 15-8 Valuing Callable Bonds Assets, Incorporated, plans to issue $5 million of bonds with a coupon rate of 7.8 percent, a par value of $1,000, semiannual coupons, and 25 years to maturity. The current market interest rate on these bonds is 71 percent. In one year, the interest rate on the bonds will be either 9 percent or 6 percent with equal probability. Assume investors are risk-neutral. a. If the bonds are noncallable, what is the price of the bonds today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. If the bonds are callable one year from today at $1,100, will their price be greater or less than the price you computed in part (a)? Lessel Greater