An investor bought a 15-year bond with par value of 100000 and 8 percent semiannual coupons. The bond is callable at par on any coupon date beginning with the 24th coupon.

Find the highest price paid that will yield a rate not less than i ⁽²⁾ = 10%.

1. 85,800

2. 85,400

3. 85,000

4. 84,600

5. 84,200