1.

Madsen Motors's bonds have 13 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8%; and the yield to maturity is 6%. What is the bond's current market price? Round your answer to the nearest cent.

2.

A bond has a $1,000 par value, 12 years to maturity, and a 9% annual coupon and sells for $1,110.

1. What is its yield to maturity (YTM)? Round your answer to two decimal places. %
2. Assume that the yield to maturity remains constant for the next 5 years. What will the price be 5 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.