1. A company issues a series of bonds with a par value of $1,000 and a maturity of 30 years. The bonds pay interest based upon an annual fixed coupon rate of 5%, but coupon payments are made on a semiannual basis. Ten years pass since the issuance date and the going rate in the market for similar bonds is 6.5%. What price should an investor be willing to pay for one bond ten years after the issuance date? (Round answer to two decimal places. You do not need to include a dollar sign in your final answer.)

2. A company just paid a $1.20 annual dividend per share to its common shareholders. Future dividends are expected to grow at a rate of 10% for each of the next 3 years, and then, at a constant rate of 5% from this point on. If an investor's required rate of return is 15%, what price should the investor be willing to pay 6 years from today for one share of the company's common stock? (Round to two decimal places. You do not need to include a dollar sign in your final answer.)