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A debenture has a 5% coupon rate, with payments made semi-annually, and the debenture has 7 years to maturity. If investors require a 4.48% yield,

A debenture has a 5% coupon rate, with payments made semi-annually, and the debenture has 7 years to maturity. If investors require a 4.48% yield, what is the value of the debenture?

a)$103.10 b)$100.00 c)$97.04 d)$97.64 e)$103.07

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