A 4-year bond makes annual coupon payments at an annual rate of 10%. The par value is $100. The bond is callable after 1 year for $110, after 2 years for $106, and after 3 years for $104. The redemption value after 4 years is $100. Calculate the maximum price that an investor can pay and still be assured of earning an annual effective yield of at least 12%.

A. 93.93

B. 98.04

C. 101.40

D. 107.14

E. 110.00