A mortgage obligation of the promoter of the pacific, with a denomination of $10,800, matures on march 1, 2024.

Interest of 9% per year is collected in quarterly coupons on the first day of the months of March, July and November of each year.

Determine the sale value and the discount or premium on the discount or premium on the first day of July 2020 if there is an annual return of 12% capitalizable per quarter and

a. It is redeemed at the same time.

b. It is redeemed with prize to 121.