24 pints Midland Oil has $1,000 par value (maturity value) bonds outstanding at 13 percent interest. The bonds will mature in 20 years with annual payments. Compute the current price of the bonds if the present yield to maturity is: (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answers to 2 decimal places.) a. 14 percent b. 12 percent c. 13 percent Price of the bond $ 9102.5 $ 850.9 $ 789.5 * * *

Midland Oil has $1,000 par value (maturity value) bonds outstanding at 13 percent interest. The bonds will mature in 20 years with annual payments. Compute the current price of the bonds if the present yield to maturity is: (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answers to 2 decimal places.)