22.Maloney Corp. issued zero-coupon bonds that have 20 years remaining until maturity. If investors require a 9.5% annual rate of return on these bonds, what is the market value for each bond? Assume semiannual compounding and $1,000 par value.

Select one:

a. $61.77

b. $156.26

c. $950.00

d. $1,000.00

e. $1,156.26