A

$23,000,

6%

bond redeemable at

par

with interest payable

annually

is bought

12.5

years before maturity. Determine the premium or discount and the purchase price of the bond if the bond is purchased to yield(a)

4%

compounded annually;(b)

8%

compounded annually.(a) The

premium

discount

is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

The purchase price of the bond is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) The

premium

discount

is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

The purchase price of the bond is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Enter your answer in each of the answer boxes.