Miller Corporation has a premium bond making semiannual payments. The bond has a coupon rate of 12 percent, a YTM of 10 percent, and 12 years to maturity. The Modigliani Company has a discount bond making semiannual payments. This bond has a coupon rate of 10 percent, a YTM of 12 percent, and also has 12 years to maturity. Both bonds have a par value of $1,000.please have an explanation if possible

What is the price of each bond today? (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.) Price of Miller bond Price of Modigliani bond If interest rates remain unchanged, what do you expect the price of these bonds to be 1 year from now? In 3 years? In 7 years? In 11 years? In 12 years? (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.) Modigliani bond Price of bond in: 1 year 3 years 7 years 11 years 12 years Miller bond