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Please answer both parts (ex. the price of both bonds) Two bonds have par values of $1,000. One is a 5.5%, 10-year bond priced to

image text in transcribedPlease answer both parts (ex. the price of both bonds)

Two bonds have par values of $1,000. One is a 5.5%, 10-year bond priced to yield 9.0%. The other is a(n) 8.5%, 22-year bond priced to yield 7.0%. Which of these two has the lower price? (Assume annual compounding in both cases.) The price, PV, of the 5.5%, 10-year bond is $ . (Round to the nearest cent.)

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