Alphabet, Inc bonds mature in 10 years, have a par value of $1,000, and make an annual coupon payment of $100. The market interest rate for the bonds is 8.5%. What is the bond's price?

Group of answer choices

$923

$946

$970

$1,019

$1,098

One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 12%. What is the current price of the bonds, given that they now have 14 years to maturity?

Group of answer choices

$900

$702

$890

$970

$923