On january 1, 2019, stronger industries issued $480,000 of 9%, five-year bonds that pay interest semiannually on june 30 and december 31. they are issued at $499,483 and their market rate is 8% at the issue date. after recording the entry for the issuance of the bonds, bonds payable had a balance of $480,000 and premium on bonds payable had a balance of $19,483. stroger uses the effective interest bond amortization method. the first semiannual interest payment was made on june 30, 2019.

Jallouk corporation has two different bonds currently outstanding. bond m has a face value of $50,000 and matures in 20 years. the bond makes no payments for the first six years, then pays $2,100 every six months over the subsequent eight years, and finally pays $2,400 every six months over the last six years. bond n also has a face value of $50,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. the required return on both these bonds is 10 percent compounded semiannually. what is the current price of bond m and bond n?

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