An ordinary bond has a coupon rate of 8% and makes semiannual payments. The yield to maturity is quoted at 9%. The bond matures in 10 years and has a par value of $1,000. What is the present value of this bond?

Then, consider a bond with a 12% coupon rate and semiannual coupons, has a face value of $1,000, 14 years to maturity and is selling for $1,209.17. What is the yield to maturity of this bond?