Two bonds have par values of $1,000. One is a 6%, 16-year bond priced to yield 7.0%. The other is a(n) 8.5%, 24-year bond priced to yield 6.0%. Which of these two has the lower price? (Assume annual compounding in both cases.) The price, PV, of the 6%, 16-year bond is $(Round to the nearest cent.) The price, PV, of the 8.5%, 24-year bond is $). (Round to the nearest cent.) Which of these two has the lower price? (Select the best answer below) The 6%, 16-year bond has lower price of $905,53 The 8.5%, 24-year bond has lower price of S905.53