Use the following information to answer questions 11 and 12: Boyd Gaming is planning to issue $20 million in bonds to help build a casino. The coupon rate will be 9%, with interest paid annually. The bonds will mature in 10 years. Assume current required rates of return by bond ratings are:

Rating	Aaa	Aa	A	Baa	Ba	B	Caa
Rating return	8.8%	9.0%	9.3%	9.6%	10.0%	10.5%	11.5%

11. What rating must the bonds carry to sell at their par (face value, $1,000) when issued?

12. If the bonds are rated Ba when issued, what will the price per bond equal when they are issued? If the bonds are rated Ba when issued, how much money (total for the bond issue) will Boyd receive when the bonds are issued?