Moerdyk Corporation's bonds have a 15-year maturity, an 8.25% semiannual coupon, and a par value of $1,000. The going interest rate (r_d) is 6.00%, based on semiannual compounding. What is the bond's price?

a. $1,218.53

b. $1,266.60

c. $1,134.30

d. $1,220.50

e. $1,244.76

A 15-year, $1,000 par value bond has a 6.5% annual payment coupon. The bond currently sells for $965. If the yield to maturity remains at its current rate, what will the price be 6 years from now? Do not round your intermediate calculations.

a. $944.04

b. $1,004.31

c. $961.30

d. $975.02

e. $981.75