21. Given the following data for a bond issuance:

Principal $10,000

Coupon (state) Rate 8%

Market Rate 6%

Term 4 years

Interest paid annually

4-year factors

8%, PV of $1 .735 8%, PV of Annuity 3.31213

6%, PV of $1 .7921

6%, PV of Annuity 3.546

The sale price of the bond is approximately:

a) $8,275 b) $15,271 c) $10,049 d) $9,337 e) $10,758

The answer is E. Please show work