Beginning in 5 years, (end of years 5, 6 and 7) Sally Mander will receive three annual benefit checks of $25,000 each. If Sally assumes an interest rate of 5%, what is the present value of these checks?

		$29,550
		$33,615
		$52,925
		$56,025

Barry Cuda is considering the purchase of the following Builtrite bond: $1000 par, 6 1/4% coupon rate, 15 year maturity that is currently selling for $960. If Barry purchases this bond, what would his approximate yield to maturity be?

		5.95%
		6.47%
		6.70%
		6.86%