(Related to Checkpoint 9.3)(Bond valuation) Doisneau 15-year bonds have an annual coupon interest of 11 percent, make interest payments on a semiannual basis, and have a $1,000 par value. If the bonds are trading with amarket's required yield to maturity of 15 percent, are these premium or discount bonds? Explain your answer. What is the price of the bonds?

a. If the bonds are trading with a yield to maturity of 15%, then (Select the best choice below.)

The price of the bonds is

(Round to the nearest cent.)