Exodus Limousine Company has $1,000 par value bonds outstanding at 18 percent interest. The bonds will mature in 50 years. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Compute the current price of the bonds if the percent yield to maturity is: (Do not round intermediate calculations. Round your final answers to 2 decimal places. Assume interest payments are annual.)

a. 5 percent, Bond Price =?

b. 7 percent, Bond Price = ?