Dick's Company's bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 5%. The bonds have a yield to maturity (YTM) of 8%. Given these conditions, what should be the current price of these bonds?
Jerry's Company's bonds have 6 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 6%. The bonds have a current market price of $800. Given these conditions, what should be the yield to maturity (YTM) of these bonds?