Bond Valuation
A. Madsen Motors's bonds have 10 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 12%; and the yield to maturity is 8%. What is the bond's current market price? Round your answer to the nearest cent. $________
b. Nesmith Corporation's outstanding bonds have a $1,000 par value, a 6% semiannual coupon, 18 years to maturity, and an 7% YTM. What is the bond's price? Round your answer to the nearest cent. $________