(Bond valuation)Enterprise, Inc. bonds have an annual coupon rate of 11 percent. The interest is paid semiannually and the bonds mature in 13 years. Their par value is $1,000. If themarket's required yield to maturity on acomparable-risk bond is 9 percent, what is the value of thebond? What is its value if the interest is paidannually?

a. The value of the Enterprise bonds if the interest is paid semiannually is $---- (Round to the nearestcent.)

b.The value of the Enterprise bonds if the interest is paid annually is $---- (Round to the nearestcent.)