• Each question will be labeled as a calculator or formula question.
• For calculator problems , you are to label and input all the variables of interest: N, I/Y, PV, PMT, FV (and Begin mode if you switch). the unknown variable should be indicated by a ? symbol. Once solved, rewrite the variable identifier with the correct answer.
• For the formula problems, set up the problem and solve. Be sure to show each step for credit.
• Answer each question in BB in the space provided. Do NOT upload answers into BB.
• Round all $ problems to the nearest dollar.
• All rate problems must be carried at least 4 decimal places and left in % form.
• Work must be shown and all answers must be legible to receive credit. Partial credit is awarded.

QUESTION 47

1. 48. Formula problem:

   Determine the market price of a 25-year, 5.25%, $150,000 coupon bond when the market interest rate is 5.75%.

47. Formula Problem:

Determine the annual holding period rate of return on a 22-year, $90,000 discount bond that you originally purchased for $30,800 and sold 12 years later for $50,500.