Mallory plc has two different bonds currently outstanding. Bond M has a face value of £20,000 and matures in 20 years. The bond makes no payments for the first 6 years, then pays £1,200 every 6 months over the subsequent 8 years, and finally pays

£1,500 every 6 months over the last 6 years. Bond N also has a face value of £20,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. If the required return on both these bonds is 10 per cent compounded semi-annually, what is the current price of Bond M? Of Bond N?