A bond's credit rating provides a guide to its risk. Long-term bonds rated Aa currently offer yields to maturity of 8.5%. A-rated bonds sell at yields of 8.8%. Assume a 10-year bond with a coupon rate of 8% is downgraded by Moody's from Aa to A rating. a. Calculate the initial price. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Initial price b. Calculate the new price. (Do not round intermediate calculations. Round your answer to 2 decimal places.) New price