Question 5, interest rate is 8%.

3) Disney Corp has a 7 year, 6.95% coupon bond that is currently selling for 978.65. Assume that coupon payments are annual. What is the yield-to-maturity of this bond? (USE excel) 4) Hayworth Industries does not currently pay dividends; however, investors expect that ?n four years, the firm will pay its first dividend of $1.50 per share. From that point onwards, the dividend is expected be $2 annually forever. Assume that investors required rate of return is 13%. What should the price of Hayworth Industries be today? 5) Last year, IBM paid a dividend of $1.50 per share. Investors think that IBM's dividend will grow at 10% for the next four years. After that, the dividend will be constant at $4. What should be the price per share of IBM? Question 5, interest rate is 8%