2 short question. both answers required with explanations

2. A $120,000 bond bearing interest at 5.5% payable annually is bought four years before maturity to yield 5.9% compounded quarterly. If the bond is redeemable at par, what is the purchase price? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 3. A$1000 bond bearing interest at 8% payable semi-annually redeemable at par on February 1, 2024, was purchased on October 12, 2017 to yield 7% compounded semi-annually. Determine the purchase price. The purchase price is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)