You bought $20$ year bonds which has a total Face Value of $5,000,000$ and has a coupon rate of $6\mathrm{.}5\%$ paid semi$-$annually:

a$)$ Assume the above bond has a price quote of $107$ immediately after issuance, what is the yield of the bond?

b$)$ If the market interest rate changes to $4\%$ at the beginning of year $4,$ what is the price of the bond at beginning of year $4?$

c$)$ As a bomdholder do you want the yield to go up or down? Please explain why.