Assets, Incorporated, plans to issue $$4$ million of bonds with a coupon rate of $7\mathrm{.}7$ percent, a par value of $$1,000,$ semiannual coupons, and $20$ years to maturity. The current market interest rate on these bonds is $6\mathrm{.}9$ percent. In one year, the interest rate on the bonds will be either $8$ percent or $5$ percent with equal probability. Assume investors are risk$-$neutral.

a$.$ If the bonds are noncallable, what is the price of the bonds today?