Using a financial calculator, solve for the unknowns in each of the following situations.
(a) On June 1, 2015, Holly Brennaman purchases lakefront property from her neighbor, George Coulter, and agrees to pay the purchase price in seven payments of $16,000 each, the first payment to be payable June 1, 2016. (Assume that interest compounded at an annual rate of 6.9% is implicit in the payments.) What is the purchase price of the property?
(b) On January 1, 2015, Renfro Corporation purchased 200 of the $1,000 face value, 7% coupon, 10-year bonds of Malone Inc. The bonds mature on January 1, 2025, and pay interest annually beginning January 1, 2016. Renfro purchased the bonds to yield 8.65%. How much did Renfro pay for the bonds?