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# bonds

Two bonds have par values of​ \$1,000. One is a 5​%, 14​-year bond priced to yield 8.5​%. The other is​ a(n) 9​%, 21​-year bond priced to yield 6.5​%. Which of these two has the lower​ price? (Assume annual compounding in both​ cases.)

The​ price, PV​, of the 5​%, 14​-year bond is ​\$. ​(Round to the nearest​ cent.)

The​ price, ​PV, of the 9​%, 21​-year bond is ​\$. ​(Round to the nearest​ cent.)

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Which of these two has the lower​ price?  ​(Select the best answer​ below.)

The 5%, 14-year bond has lower price of \$719.65

The 9%, 21-year bond has lower price of \$719.65