DEI has an outstanding bond issue, payable semi-annually, that originally had a 30 year maturity. The initial bond offering was sold 8 years ago, at par and raised $24.30 million dollars. (To be specific 24,300 bonds were sold at $1,000 each.) The yield to maturity, when they were issued, was 7.70 percent. Currently, the nominal yield to maturity on bonds with a similar risk is at 8.10 percent.

a) What is the market value of each bond?

b) What is the total market value of bonds?