QUESTION 24 One year ago, you purchased a 5 percent annual coupon $1,000 par, 6-year bond for a clean price of $1,075. The bond now has 5 years remaining until maturity. Today, the yield to maturity on this bond is 4 percent. How does today's price of this bond compare to your purchase price? $40.40 lower $30.48 lower $25.31 higher 35.30 higher QUESTION 25 You need $30,000 in cash to buy a car 4 years from today. You expect to earn 12 percent, compounded annually, on your savings. How much do you need to deposit today if this is the only money you save for this purpose? o $21,387.34 o $20,418.43 $19,065.54 $22,938.31 QUESTION 26 Payments of $700 a month for 60 months are defined as a(n): o perpetuity. O consol. o annuity ordinary cash flow