The Milken Investment Fund buys 66 bonds of the Levine Corporation through its broker. The bonds pay 12 percent annual interest. The yield to maturity (market rate of interest) is 16 percent. The bonds have a 10-year maturity. Assume the par value of the bonds is $1,000. Using an assumption of semiannual interest payments, (Use a Financial calculator to arrive at the answers. Enter positive values as answers. Round the final answers to 2 decimal places.)

a. Compute the price of the bond.

Price of the bond $

b. Compute the total value of the 66 bonds.

Total value $