1. Nungesser Corporation's outstanding bonds have a $1,000 par value, a 9% semiannual coupon, 15 years to maturity, and an 9.5% YTM. What is the bond's price? Round your answer to the nearest cent.

2.Bond X is noncallable and has 20 years to maturity, a 7% annual coupon, and a $1,000 par value. Your required return on Bond X is 12%; and if you buy it, you plan to hold it for 5 years. You (and the market) have expectations that in 5, years the yield to maturity on a 15-year bond with similar risk will be 7%. How much should you be willing to pay for Bond X today? (Hint: You will need to know how much the bond will be worth at the end of 5 years.) Round your answer to the nearest cent.