In June 2019, ACME Widget Corp. issued $10 million of new bonds as follows:

Maturity Date: May 2029

Coupon rate: 5.5%

Face Value: $1000

Frequency of payments: Annual

a)How many dollars ($) of interest do you earn from one bond each year?

b)Suppose you had bought some ACME bonds when they were first issued in June 2019.Today, the current yield of these bonds is 3.25%.At approximately what price could you sell your 5.5% ACME bonds today?