Answer the following 2 part question:

a. Suppose you structured a bond deal for Kanye West that paid him a large lump sum amount upfront, with future royalties and streaming revenues from his albums going towards payments to bondholders. Each bond has a face value of $1,000 and a coupon rate of 7.7% with semi-annual coupons. If the bonds have 9 years remaining until maturity and the current yield to maturity is 9.7%, how much is each bond worth? Round to the nearest cent.

b. A bond with a $1,000 face value has a 6% annual coupon rate. The bond matures in 14 years. The current YTM on the bond is 3.6%. If you were to buy this bond and hold it for 5 years, how much would the price change while you hold it? Assume the bond's YTM remains the same. Answer in dollars and round to the nearest cent. [Hint: Compute the prices under the two scenarios and calculate the difference (P2 - P1). For example, if the price dropped, the change would be negative.]