TC has an outstanding bond issue, payable semi-annually, that originally had a 20-year maturity. The initial bond offering was sold 8 years ago, at par and raised $19.40 million dollars. (To be specific 19,400 bonds were sold at $1,000 each.) The yield to maturity, when they were issued, was 6.40 percent. Currently, the nominal yield to maturity on bonds with similar risk is at 5.71 percent.   

Requirements:

a. What is the market value of each bond?

b. What is the nominal yield to maturity?

c.  What is the effective yield to maturity?

d.  Calculate the yield on bonds (using effective yield to maturity)?