Katie Pairy Fruits Incorporated has a $$2,20023-$year bond outstanding with a nominal yield of $15$ percent $($coupon equals $15\%$$$2,200=$$$330$ per year$).$ Assume that the current market required interest rate on similar bonds is now only $12$ percent. Use Appendix B and Appendix $D$ for an approximate answer but calculate your final answer using the formula and financial calculator methods.

a$.$ Compute the current price of the bond.

Note: Do not round Intermedlate calculations. Round your final answer to $2$ declmal places. Assume Interest payments are onnual.

Current price of the bond

b$.$ Find the present value of $3$ percent $$$$2,200($or $$66)$ for $23$ years at $12$ percent. The $$66$ is assumed to be an annual payment. Add this value to $$2,200.$

Note: Do not round Intermediate calculatlons. Round your final answer to $2$ declmal places. Assume Interest payments are onnual.

Present value