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Midland Oil has $1,000 par value (maturity value) bonds outstanding at 16 percent interest. The bonds will mature in 25 years with annual payments. Compute

Midland Oil has $1,000 par value (maturity value) bonds outstanding at 16 percent interest. The bonds will mature in 25 years with annual payments.

Compute the current price of the bonds if the present yield to maturity is: (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answers to 2 decimal places.)

	Price of the bond
a. 15 percent	$
b. 14 percent	$
c. 16 percent	$

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