Question $1$

Seventy $$3,000$ bonds maturing on February $8,2030,$ paying interest at $6\mathrm{.}5\%$ every three

months are sold on November $7,2024.$ The bonds were issued to yield $8\mathrm{.}47\%$ compounded

quarterly.

a$)$ What is the purchase price of the bonds?

b$)$ Were the bonds issued at a premium or a discount? How much?

c$)$ If the yield rate was $3\mathrm{.}92\%$ compounded monthly, how would you answer to part a$)$ and b$)$

change?