Compute the present value of $1, 200 received at the end of each year for the next six years discounted at 8% compounded annually. Consider a 30-year bond with a 12% coupon rate (annual payment) and a $1000 face value. What is the initial price of this bond if it has a 7% yield to maturity? If the yield to maturity is unchanged, what will the price be immediately before and after the first coupon is paid? Consider a 15-year zero-coupon bond and 30-year coupon bond with 12% annual coupons. By what percentage will the price of each bond change if its yield to maturity increases from 6% to 9%