Problem 8-28 Valuing Bonds

The Morgan Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $1,900 every six months over the subsequent eight years, and finally pays $2,200 every six months over the last six years. Bond N also has a face value of $30,000 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 12 percent compounded semiannually.

What is the current price of Bond M and Bond N?(Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))

	Current price
Bond M	$
Bond N	$