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On September 1, 2002, Biff receives a coupon payment of $750. The market interest rate on bonds like his remains 6 percent. Biff sells his

On September 1, 2002, Biff receives a coupon payment of $750. The market interest rate on bonds like his remains 6 percent. Biff sells his bond to Cass at that time, for a price equal to the present value of the bond's payments. c. How much does Cass pay Biff for the bond? d. Calculate Biff's current yield, capital-gains yield, and total return for the year.

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