An investor is thinking about buying a zero-coupon bond for $547.69, which will mature in 14 years. The investor believes that a 4% return on this bond is a fair yield. What is the maximum price that this investor is willing to pay for this bond?

Use the information in the prior problem. If the current yield on the bond is 4.4%, and the investor, believes that the appropriate yield should be 4%, then what price does the investor think he can sell the bond for next year?

Use the information in the prior problem. If the interest rate remains at 4.4%, then what price would the investor sell the bond for?