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Two bonds have par values of $1,000. One is a 6%, 13-year bond priced to yield 8.5%. The other is a(n) 9%, 21-year bond priced

Two bonds have par values of $1,000. One is a 6%, 13-year bond priced to yield 8.5%.

The other is a(n) 9%, 21-year bond priced to yield 7.0%.

Which of these two has the lower price? (Assume annual compounding in both cases.)

The price, PV, of the 6%, 13-year bond is $_.

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