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 semi-annual interest payments. If you require a yearly 7.4% 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

$1,262.11

$1,217.43

$1,126.76

$1,161.67