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?

Group of answer choices

$1,251.09

$1,099.75

$766.80

$1,140.11

$1,008.94