Lance Whittingham IV specializes in buying deep discount bonds. These represent bonds that are trading at well below par value. He has his eye on a bond issue by the leisure time corporation. The $1,000 par value bond pays 6% annual interest and has 15 years remaining to maturity. The current yield to maturity on similar bonds is 11%.

A. What is the current price of the bond?

B. By what percent will the price of the bonds increase between now and maturity?

Do not round intermediate calculations and round answers to 2 decimal places.