A firm has just issued $($on January $1,2022)$ a bond that has a face value of $$1,000,$ a coupon

rate of $6$ percent paid semi$-$annually $($on June $30$ and December $31),$ and matures in $8$ years.

The bonds were issued with a yield to maturity of $7\%.$ What price were the bonds issued at$?$

Assume that on July $1,2024,$ the bond trades to earn an effective yield of $8\%.$ At what price

should this bond be trading for on July $1,2024?(5$ marks$)$