QUESTION 3 (25 Marks) A bond has a face value of N$1000 with a time to maturity ten years from now. The yield to maturity of the bond now is 10% Calculate the price of the bond today, if it pays no cou pon? (5 marks) (5 marks) (5 marks) (10 marks) a. b. Determine the price of the bond if it pays annual coupons of 10%? c. What is the price today if it pays 8% semi-annually? d. Write short notes on corporate bonds and their features?

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