Consider three bonds with maturities of 5, 15, and 25 years. Each bond has a coupon rate of 6% and sells at its face value of $1,000. Assume annual coupon payments. Use this information to answer the following questions:

(a) What would be the market price of each bond if their yields to maturity (YTMs) were 3%?

(b) What would be the market price of each bond if their YTMs were 9%?

(c) On a single chart, graph the relationship between bond prices and the YTMs for the 3 bonds. Following the convention from the recorded lecture, you should have YTMs across the Xaxis and bond prices along the Yaxis. What conclusions can you draw regarding the relationship between time to maturity and the sensitivity of bond prices to changes in interest rates?

Please show formulas being used and excel methods