Problem:
Bond X is a premium bond making semiannual payments. The bond pays an 11 percent coupon, has a YTM of 9 percent, and has 11 years to maturity. Bond Y is a discount bond making semiannual payments. This bond pays a 9 percent coupon, has an YTM of 11 percent, and also has 11 years to maturity.
Required:
Question: What is the price of each bond today?
Note: Explain all steps comprehensively.