Question 1: RMT Cos bonds, maturing in 8 years, pay 5 percent interest on a $1,000 face value. However, interest is paid semiannually. If your required rate of return is 6%, what is the value of the bond? How would your answer change if the interest were paid annually?

For the value of the bond with semi-annual interest, I got $937.19, and for the value of the bond with annual interest, I got $937.90. I just wanted to double-check my work.