Six years ago. JF Delisle purchased Procom's 20-year, 6.25% bonds at par. He notes the price has changed to 103.40 and he calculates the change in yield as:

A. 0.36%

B. 0.07%.

C. 0.29%.

A bond with a yield to maturity less than the coupon rate sells at:

A. par.

B. a premium.

C. a discount.

Summit Investment Consulting is considering purchasing $2,250,000 in face value of Gianna Enterprises' 10-year, 5.15% bonds currently offered at a yield to maturity of 5.70%. The cost of the bonds is closest to:

A. $2,104,537.

B. $2,344,864.

C. $2,156,656.