1. What is the quoted price of a bond that matures in exactly 6 years, has a coupon rate of 5% and a YTM of 7%? Assume the issuer just made a coupon payment.
   1. 90.34
   2. 685.42
   3. 90.57
   4. 903.37

ans: A, Please explain

1. Today is May 1, 2015. A bond matures on September 15, 2020, has a coupon rate of 5%, YTM is 6%, and a quoted price of 95.458. What is the invoice price of this bond? (Hint: 184 days between payments, 47 days since last payments)
   1. 95.514
   2. 96.097
   3. 94.612
   4. 96.677

ans: B, Please explain