1. 17 years ago, Delicious Mills, Inc. issued 30-year to maturity bonds that had a 8.82 percent annual coupon rate, paid semiannually. The bonds had a $1,000 face value. Since then, interest rates in general have changed and the yield to maturity on the Delicious Mills bonds is now 10.01 percent. Given this information, what is the price today for a Delicious Mills bond?
2. Blue Crab, Inc. plans to issue new bonds, but is uncertain how the market would set the yield to maturity. The bonds would be 15-year to maturity, carry a 9.89 percent annual coupon, and have a $1,000 par value. Blue Crab, Inc. has determined that these bonds would sell for $863 each. What is the yield to maturity for these bonds? Round the answers to two decimal places in percentage form.