Assume that you are considering the purchase of a 25-year, noncallable bond with an annual coupon rate of 10.4%. The bond has a face value of $1,000, and it makes semiannual interest payments. If you require an 8.8% nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?

a. $1,160.70 b. $1,119.86 c. $1,179.14 d. $640.58 e. $1,206.66