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## Determining Price of Bonds

Miller Corporation has a premium bond making semiannual payments. The bond has a coupon rate of 8 percent, a YTM of 6 percent, and 14 years to maturity. The Modigliani Company has a discount bond making semiannual payments. This bond has a coupon rate of 6 percent, a YTM of 8 percent, and also has 14 years to maturity.

What is the price of each bond today? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) |

Price of Miller bond | $ |

Price of Modigliani bond | $ |

If interest rates remain unchanged, what do you expect the price of these bonds to be 1 year from now? In 5 years? In 9 years? In 13 years? In 14 years? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).) |

Price of bond in: | Miller bond | Modigliani bond |

1 year | $ | $ |

5 years | $ | $ |

9 years | $ | $ |

13 years | $ | $ |

14 years | $ | $ |