IMAC would like to raise 20000000 for capital expenditures. The Company plans to issue 15 years semi annual bonds with a coupon rate of 8% and a face value of 1000. The following table summarizes the yield to maturity for fifteen-year-semi annual coupon corporate bonds of various ratings:

Rating	AAA	AA	A	BBB	B
YTM	7.2%	7.8%	8%	8.5%	9.5%

Assuming the bonds will be rated AA, what will the price of the bond be?

How many 1000 par value bonds will they have to issue to raise 20,000,000 assuming bonds are rated AA.Ignore issue costs and round to the nearest whole value.

Suppose you bought the bond at issuance price in part (a) and held it for two years at which time you sold it to Phil. The quoted price when you sold the bond 105.26. Phil held the bond for 3 years then sold it at a quoted price of 120.37. What would Phils annual hold period return?