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 issued by the Leisure Time Corporation. The $1,000 par value bond pays 7 percent annual interest and has 16 years remaining to maturity. The current yieid to maturity on similar bonds is 10 percent. Use Appendix E and Appendix. . for an approximate answer but caiculate your final answer using the formula and financtal caiculator methods. a. What is the current price of the bonds? Note: Do not round intermedlote colculations. Round your final onswer to 2 decimal places. Assume interest poymerts are annuel. b. By what percent wil the price of the bonds increase between now and matunity? Note: Do not round intermedlate calculations. Input your onswer os o percent rounded to 2 decimal places. Appendix B Bnimizalieaf3t.WWaPy=miza+ir Truse s alim of ain maruity er M1, PY if