20. At the time of issuance of a zero-coupon bond with a $10,000 face value, prevailing market rates were 6%. Accordingly the bond was sold with a yield of 6%. One year later, market rates had declined to 5%. For an investor who purchased the bond one year after issuance, what would be the annual cash flow received from the bond?

a. $600

b. $500

c. $0

d. $550 (average of the two years yields)