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$4$ Question $16$ of $17$

Grand Canyon Guided Tours, Inc., issued $15-$year, $$1,000$ bonds with an $11\mathrm{.}50\%$ annual coupon rate. What is the selling price $($rounded to the nearest cent$)$ of these bonds if the current yield to maturity is $9\mathrm{.}50\%?$

a$.$ $$860\mathrm{.}07$

b$.$ $$1,156\mathrm{.}56$

c$.$ $$1,306\mathrm{.}85$

d$.$ $$1,000\mathrm{.}00$

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Q Question $16$ of $17$

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