Esther is a property manager. On 1 June 2015, it listed 1,000 bonds with interest of 13.0 percent p.a. paid semi-annually at a face value of $100 and maturing on 1 June 2018. The bonds were issued at a yield set 6.36 percent higher than the 10-year Australian government bond yield (which was running at 6.00 percent p.a. in 2014), compounded semi-annually. Requirements Answer the following questions: Q1. What is the semi-annual interest payment? Q2. What is the semi-annual yield? Q3. What is the present value of interest payments on one bond? Q4. What is the present value of the face value (principal) on one bond? Q5. What is the total present value of the bond issue?