You are considering the purchase of a $1 comma 000 par value bond with a coupon rate of 6.1% (with interest paid semiannually) that matures in 12 years. If the bond is priced to yield 9%, what is the bond's current price?

Two bonds have par values of $1,000. One is a 6%, 11-year bond priced to yield 9.5%. The other is a(n) 7%, 24-year bond priced to yield 6.5%.

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