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Assume that you are considering the purchase of a 2 0 - year, noncallable bond with an annual coupon rate of 9 . 5 %

Assume that you are considering the purchase of a 20-year, noncallable bond with an annual coupon rate of 9.5%. The bond has a face value of $1,000, and it makes semiannual interest payments. If you require an 9.4% nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?
$766.80
$1,251.09
$1,008.94
$1,099.75
$1,140.11

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