Using semiannual compounding, find the prices of the following bonds:

a. A

9.7%,

15-year bond priced to yield

8.4%.

b. A

7.7%,

10-year bond priced to yield

9.0%.

c. A

12.8%,

20-year bond priced at

11.5%.

Repeat the problem using annual compounding. Then comment on the differences you found in the prices of the bonds.