(Bond valuation) Apple bonds have an annual coupon rate of 9 percent. The interest rate is paid semiannually and the bonds mature in 8 years. Their par value is $1000. If the market's required yield to maturity on a comparible-risk bond is 8 percent, what is the value of the bond? What is its value if the interest is paid annually?

(Yield to maturity) The market price is $825 for a 17-year bond ($1000 par value) that pays 11 percent annual interest, but makes interest payments on a semiannual basis (5.5 percent semiannually). What is the bond's yield to maturity?