Morin Company's bonds mature in 12 years, have a par value of $1,000, and make an annual coupon interest payment of $55. The market requires an interest rate of 6.8% on these bonds. What is the bond's price?

a. $753.79 b. $890.11 c. $895.64 d. $925.66 e. $1,441.54

Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 5.2%. If the current market interest rate is 7.0%, at what price should the bonds sell?

a. $645.15

b. $829.96

c. $842.58

d. $869.21

e. $836.06

Adams Enterprises' noncallable bonds currently sell for $870. They have a 10-year maturity, an annual coupon of $70, and a par value of $1,000. What is their yield to maturity?

a. 9.78%

b. 9.18%

c. 9.03%

d. 6.93%

e. 8.05%

Moerdyk Corporation's bonds have a 20-year maturity, a 7.45% semiannual coupon, and a par value of $1,000. The going interest rate (r_d) is 5.20%, based on semiannual compounding. What is the bond's price?

a. $1,275.71

b. $1,277.71

c. $1,173.73

d. $1,323.18

e. $1,301.62