FloraCo.'s bonds, maturing in 18 years, pay 6 percent interest on a $1,000 face value.However, interest is paid semiannually. If your required rate of return is 13 percent, what is the value of thebond? How would your answer change if the interest were paidannually?

a. If the interest is paidsemiannually, the value of the bond is ___________(Round to the nearestcent.)

b. If the interest is paidannually, the value of the bond is ____________(Round to the nearestcent.)