You'd like to buy a 20-year, noncallable bond with an annual coupon rate of 8.4% paid semi-annually. The bond has a par value of $1,000. If you require an 8.25% nominal yield to maturity on this investment, what should you be willing to pay for the bond? You have the following probability distribution of returns for CCC company. Calculate the expected rate of return given three possible economic conditions. Do not round your intermediate calculations. Economic Conditions Prob. Return Strong 25% 15% 50% 7.5% Normal 25% -18.0% Weak