Basic bond valuation Complex Systems has an outstanding issue of $1,000-par-value bonds with a 13% coupon interest rate. The issue pays interest annually and has

17 years remaining to its maturity date.

a. If bonds of similar risk are currently earning a rate of return of 12%, the Complex Systems bond should sell today for $ ( ). (Round to the nearest cent.)

b. If the required return were at 13% instead of 12%, the current value of Complex Systems' bond would be $ ( ) (Round to the nearest cent.)