Landel Corporation issued $1,000,000 of 10-year, 9% bonds onJanuary 1, 2009. The bonds pay interest semiannually. How much didthe bonds sell for under each of the following situations?
a. The bonds sold to yield 8%, (i.e., the current market interestrate is 8%)
b. The bonds sold to yield 10%,(i.e., the current market interestrate is 10%)