A $170,000 issue of eleven-year bonds redeemable at par offers 7.22% coupons payable annually. What is the premium or discount and the purchase price of the bonds to yield 8.6% compounded quarterly? (a) The (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)