Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 20 years. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Compute the current price of the bonds if the present yield to maturity is: (Do not round intermediate calculations. Round your final answers to 2 decimal places. Assume interest payments are annual.)

		Bond Price
a.	8 percent	?
b.	14 percent	?
c.	11 percent	?