3. A 20-year municipal bond has a maturity value of $8000 and a coupon rate of 5.6%, with coupons paid semiannually. Find the market price for those municipal bonds with 14 years remaining until maturity if the current yield rate is 7.2%. 4. The winner of a state lottery will receive the $2.7 million prize as a series of $9,000 payments at the end of each month for 25 years. How much money must the state actually have on hand to set up the payments for this prize if money is worth 6.5% compounded monthly