Singapore Airlines has 8% $100,000 debentures outstanding in the corporate bond market, with exactly 8 years left until maturity. The bonds pay coupons half-yearly.

1. Explain what it means when a corporate bond is secured? Explain the difference between a fixed and a floating charge over the security on a corporate bond.
2. Calculate the price of the corporate bond to yield an investor 6% per annum, compounding half-yearly.
3. Explain why the price in part (b) is greater/less than the face value of the bond