An outstanding bond has a carrying value of $648,910, and a face value of $604,000 on January 1 of Year 3. The bond pays a semi-annual coupon every January 1 and July 1 using an annual coupon rate of 5.70%. The yield to maturity (or the market yield) of the bond was 4.95% at the time of issue. (Assume semi-annual compounding for the annual interest rates.) What will be the carrying value of the bond on July 1 of Year 3 immediately after paying the coupon? a. $582,981 b. $631,563 c. $615,369 d. $599,175 e. $647,757