Dooley, Inc., has outstanding $50 million (par value) bonds that pay an annual coupon rate of interest of 11 percent. Par value of each bond is $1,000. The bonds are scheduled to mature in 15 years. Because of Dooleys increased risk, investors now require a 15 percent rate of return on bonds of similar quality with 15 years remaining until maturity. The bonds are callable at 109 percent of par at the end of 10 years. Use Table II and Table IV to answer the questions. Round your answers to the nearest dollar.

1. What price would the bonds sell for assuming investors do not expect them to be called? $
2. What price would the bonds sell for assuming investors expect them to be called at the end of 10 years? $