A bond will pay an annual 8.5 per cent coupon until maturity (the next coupon will be paid in one year). The bond matures in seven years.
(a) What will be the market price of the bond if yields to maturity for this risk class fall to 7.5 per cent?
(b) What will be the market price of the bond if yields to maturity for this risk class rise to 18 per cent?
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