Stoneybrooke Inc. bonds have an 8 percent coupon rate. The interest on those bonds are paid semiannually and the bonds will then mature in 5 years. Stoneybrooke's par value is $1,000.

a. If the required rate of return is 10 percent, what is the bond's value

b. If the required rate of return is 10 percent & interest is paid annually, what will then be the value of the bond?