Computation of Price of the bonds.

Q1 Ken Williams Ventures' recently issued bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 6%. If the current market interest rate is 8%, at what price should the bonds sell?

( ) 801.80
( ) 814.74
( ) 828.81
( ) 830.53

Q2 Wald Corporation has outstanding bonds with a 6-year maturity, $1,000 par value, and 7% coupon paid semiannually (3.5% each 6 months), and those bonds sells at their par value. Wald has another bond with the same risk, maturity, and par value, but this second bond pays a 7% annual coupon. What is an estimate of the price of the annual coupon bond? Neither bond is callable

( ) 994.18
( ) 998.56
( ) 1,002.26
( ) 1,008.30