What must be the price of a $1000 bond with a 5.8% coupon rate, annual coupons, and 20 years to maturity if YTM is 7.8% APR?

Mary is a bartender at a local pub. The state in which Mary works requires all bartenders to be

licensed. No special education or experience is required, but one must pay $25 per year for the license. Mary was not aware of this, so she did not obtain a license. When her boss found out about this, he refused to pay Mary for the two weeks of work that she had done. Mary sues. What results? A) Since this type of licensing is unconstitutional, Mary can collect her wages. B) Since this is a revenue raising statute, Mary can collect her wages. C) Since this is an illegal contract, the courts will not enforce it. D) Since this is a revenue raising statute, Mary cannot collect her wages. E) Since Mary violated a regulatory statute, the contract is illegal.

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