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Lance Whittingham IV specializes in buying deep discount bonds.These represent bonds that are trading at well below par value. Hehas his eye on a bond issued by the Leisure Time Corporation. The$1,000 par value bond pays 8 percent annual interest and has 17years remaining to maturity. The current yield to maturity onsimilar bonds is 13 percent.a. What is the current price of the bonds? UseAppendix B and Appendix D for an approximate answer but calculateyour final answer using the formula and financial calculatormethods. (Do not round intermediate calculations. Roundyour final answer to 2 decimal places. Assume interest payments areannual.)Â Â Â Â b. By what percent will the price of the bondsincrease between now and maturity? (Do not roundintermediate calculations. Input your answer as a percent roundedto 2 decimal places.)Â Â