Two bonds have par values of $1,000. One is a 4.5%, 12-year bond priced to yield 9.0%. 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 4.5%, 12-year bond is s (Round to the nearest cent.) The price, PV, of the 7.5%, 23-year bond is $0 (Round to the nearest cent) Which of these two has the lower price? (Select the best answer below.) The 4.5%, 12-year bond has lower price of $677.77. The 7.5%, 23-year bond has lower price of $677.77