(Bond valuation)Pybus, Inc. is considering issuing bonds that will mature in

20 years with an annual coupon rate of

6

percent. Their par value will be

$1,000,and the interest will be paid semiannually. Pybus is hoping to get a AA rating on its bonds and, if it does, the yield to maturity on similar AA bonds is

12

percent. However, Pybus is not sure whether the new bonds will receive a AA rating. If they receive an Arating, the yield to maturity on similar A bonds is

13

percent. What will be the price of these bonds if they receive either an A or a AA rating?