Ron Rhodes calls his broker to inquire about purchasing a bond of Golden Years Recreation Corporation. His broker quotes a price of $1,070. Ron is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 9 percent annual interest payable semiannually, and has 15 years remaining until maturity. The current yield to maturity on similar bonds is 8 percent. a. Compute the new price of the bond. b. Do you think the bond is over or under priced? ( Explain) Should Ron buy it