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

a) $1,008.94

b) $766.80

c) $1,140.11

d) $1,251.09

e) $1,099.75