A twenty-year par-value bond has 15% annual coupons and a par-value of $3,000. Coupons can be reinvested at a nominal interest rate of 4% convertible semiannually. P is the highest price that an investor, who reinvests each of the coupons, can pay for the bond and obtain an effective yield rate of at least 8%. Find P. (Round your answer to the nearest cent.) P$ An investor wishes to have an annual (effective) yield of 5%. With this goal in mind, he purchases a twelve-year $2,000 par-value bond with 12% coupons payable quarterly. The price he pays for this bond is based on the investor earning an annual yield of exactly 5% and the assumption that the reinvestment annual effective rate of interest on coupons will be 5%. In fact, the investor only earns 4% nominal interest convertible quarterly on the coupons, which are each reinvested at the moment they are paid. What is the investor's actual annual yield rate? (Round your answer to three decimal places.) %