Colourful Corps bonds, which has a maturityof 8 years, 12 percent interest rate on a $1,000 face value. The interest is paid semiannually. If your required rate of return is 5 percent, what is the value of the bond? What would be the answer change if the interest were paid annually?

a.semiannual payments, the value of the bond is $ (Round to the nearest cent.)

b. Annual payments, the value of the bond is $ (Round to the nearest cent.)