Doisneaub 19-year bonds have an annual coupon interest of 11 percent, make interest payments on a semiannual basis, and have a $1,000 par value. If the bonds are trading with a market's required yield to maturity of 9 percent, are these premium or discount bonds? Explain your answer. What is the price of the bonds?

Part 2

b. The price of the bonds is $ [ ] (Round to the nearest cent.)