DLL is a publicly listed company that needs to raise $15 million for a new investment. If DLL decided to issue bonds, the bonds will have a face value of $100, a semi-annual coupon payment of $5 (annual coupon rate is 10%), a 10-year year term to maturity, and an annual required rate of return of 8.5% (nominal rate). (3 marks) Advise if the bond is trading at a discount, premium or par. Explain. (8 marks) Calculate the price of the bond. How many bonds would DLL have to issue? (9 marks) DLL paid an annual dividend of $1.72 in 20X3. You expect DLL to increase its dividend by 10% per year for the next five years (through 20X8), and thereafter by 5% per year. If DLLs equity cost of capital is 12% per year, what price does the dividend-discount model predict DLL stock should sell for today (in 20X3)? How many ordinary shares would DLL have to issue in order to raise sufficient capital to support the new investment?