annual compounding in both cases.) The price, PV, of the 5%,20-year bond is $. (Round to the nearest cent.)

Two bonds have par values of $1 ,000. One is a 5%, 20-year bond priced to yield 7.0%. The other is a(n) 8.5%, 22-year bond priced to yield 4.5%. Which of these two has the lower price? (Assume annual compounding in both cases.) (Round to the nearest cent.) The price, PV, of the 5%, 20-year bond is $