$8 million, 6%, 12-year bonds are issued at face value. Interest will be paid semi-annually. When calculating the market price of the bond, the present value of

a.

$8 million received in 24 periods must be calculated.

b.

$480,000 received for 12 periods must be calculated.

c.

$8 million received in 12 periods must be calculated.

d.

$960,000 received for 12 periods must be calculated.