Calculate the market value of a 20-year, $100,000 City of New York bond that has six years remaining to maturity, a coupon rate of 11% and is trading today at a yield rate of 8.2% (compounded semiannually).

Select one:

a. $113,063

b. $80,230

c. $123,062

d. $95,214

e. $87,934