Two bonds have par values of $1,000. One is a 5.5%, 16-year bond priced to yield 8.5% The other is a(n) 7.5%, 23-year bond priced to yield 6.5%. Which of these two has the lower price? (Assume annual compounding in both cases.) The price, PV, of the 5.5%. 16-year bond is $. (Round to the nearest cent.) The price, PV, of the 7.5% 23-year bond is $ (Round to the nearest cent.) Which of these two has the lower price? (Select the best answer below.) The 7.5%, 23-year bond has lower price of $742.74 The 5.5%, 16-year bond has lower price of $742.74. 1