AZM Corporation issued the following bonds: 1. Type A which is a $1,000 face value, a 12-year term, and an 8% semi-annual coupon describe a bond. Every six months, the bond will pay a $40 coupon. The bond offers a nominal yield of 7% till maturity. 2. Type B, $1,000 10-year bonds. Every six months, these bonds pay $60 in interest. They still sell for $1,000 because their price hasn't changed since they were first issued. The company wants to issue new bonds that would have a 10-year maturity, a $1,000 par value, and pay $40 in interest every six months due to increased financing requirements. Required: 1. How much the price of the Type A bond? ( 7 Marks) 2. What number of new Type B bonds must AZM issues to raise $2,000,000 if the yield on both bonds is the same? (8 Marks)