A bond issued by Toyota has 30 years to maturity with a face value of $1,000. The market's required yield to maturity for a similarly rated debt was 8.5% per annum. The coupon rate is 10.5%. Toyota pays interest to bondholders on a semiannual basis on January 15, and July 15. Calculate the price of the bond.

(a) In the following month, due to an unexpected economic downturn, the required yield to maturity for a similarly rated debt decreased to 5%. Calculate the current price of the bond. (b) Should the maturity increase to 35 years, calculate the price of the bond