$($Bond valuation$)$ Bellingham bonds have an annual coupon rate of $12$ percent and a par value of $$1,000$ and will mature in $5$ years. If you require a return of $8$ percent, what price would you be willing to pay for the bond? What happens if you pay more for the bond? What happens if you pay less for the bond?

a$.$ The price you would be willing to pay for the bond is $ $($Round fo the nearest cent.$)$

b$.$ The bond is not an acceptable investment if you pay for the bond because the expected rate of return for the bond is than your required rate of return. $($Select from the drop$-$down menus.$)$