Problem $7-31$ Valuing Bonds $($LO$2)$

The Metchosin Corporation has two different bonds currently outstanding. Bond M has a face value of $$20,000$ and matures in $20$ years. The bond makes no payments for the first six years, then pays $$1,100$ every six months over the subsequent eight years, and finally pays $$1,400$ every six months over the last six years. Bond N also has a face value of $$20,000$ 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 $7\%$ compounded semiannually, what is the current price of bond M and bond N$?($Do not round intermediate calculations. Round the final answers to $2$ decimal places. Omit $ sign in your response.$)$

Current Price

Bond M $

$1\mathrm{.}789018$

Bond N $

$5051\mathrm{.}45$