A $1000 20-year bond pays 6% semi-annually. The bond may be called any time after the fifth year. In years 6 through 10, the bond may be called at $1,190. In years 11 through 15, the bond may be called at $1,070. The bond may be called at par anytime after year 15.

What is the maximum price an investor should pay to realize at least a 4% yeld convertible semiannually? (Round to the nearest dollar.)

		$1,180
		$1,211
		$1,224
		$1,246
		$1,273