Problem $7-31$ Valuing Bonds $($LO$2)$

The Metchosin Corporation has two different bonds currently outstanding. Bond $M$ has a face value of $$40,000$ and matures in $20$

years. The bond makes no payments for the first six years, then pays $$2,500$ every six months over the subsequent eight years, and

finally pays $$2,800$ every six months over the last six years. Bond $N$ also has a face value of $$40,000$ and a maturity of $20$ years; it

makes no coupon payments over the life of the bond. The required return on both these bonds is $8\%$ compounded semiannually, what

is the current price of bond M and bond N$?($Do not round intermediate calculations. Round the final answers to $2$ decimal places.$)$