$($Related to Checkpoint $9\mathrm{.}4)($Bond valuation$)$ A bond that matures in $15$ years

has a $$1,000$ par value. The annual coupon interest rate is $12$ percent and

the market's required yield to maturity on a comparable$-$risk bond is $16$ percent.

What would be the value of this bond if it paid interest annually? What would be

the value of this bond if it paid interest semiannually?

a$.$ The value of this bond if it paid interest annually would be $$.($Round to the

nearest cent.$)$

b$.$ The value of this bond if it paid interest semiannually would be $$.($Round

to the nearest cent.$)$