Exodus Limousine Company has $1,000 par value bonds outstanding at 15 percent interest. The bonds will mature in 40 years. Use Appendix B and Appendix D for an approximate answer but calculate your...

Exodus Limousine Company has $1,000 par value bonds outstanding at 15 percent interest. The bonds will mature in 40 years. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Compute the current price of the bonds if the percent yield to maturity is:

Bond Price?

a. 6 percent:

b. 7 percent: