Consider three bonds with maturities of 3, 6, and 9 years. All three bonds have a coupon rate of 7% and have face values of $1,000. Assume semiannual coupon payments. Use this information to answer the following questions:

a) What would be the market price of each bond if their YTM was 5%?

b) What would be the market price of each bond if their YTM was 9%?

c) Graph the relationship between bond prices and the yields-to-maturity for the three bonds. What conclusions can you draw regarding the relationship between time to maturity and the sensitivity of bond prices to changes in interest rates?