Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 20 years. UseAppendix BandAppendix Dfor 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 Pricea.8 percentb.14 percentc.11 percent