The following is a description of 5 year deferred coupon bonds offered by a wireless company: On October 23rd, 2014, "Company X issued 11.00% Senior Notes due October 23, 2019. Each Note will have a principal amount at maturity of Cdn$1,000. Interest will be paid at a rate of 11% per annum on each of Oct. 23 and April 23, after the deferral period. Interest will begin to accrue on the bond as of April 23rd, 2016 and payable after that. The issue price of each Note represents a yield to maturity of 11% per annum (computed on a semi-annual bond equivalent basis). Using this information, please answer the following questions: a) (6 marks) What was the new issue price (per $1,000) of the bonds on October 23rd, 2014? b) (4 marks) Assume this is a high yield company. What is the benefit, to this company, of issuing a deferred coupon bond