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Charlotte is considering the purchase of a 15-year, noncallable bond with an annual coupon rate of 13.5%. The bond has a face value of $1,000,

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Charlotte is considering the purchase of a 15-year, noncallable bond with an annual coupon rate of 13.5%. The bond has a face value of $1,000, and it makes semiannual interest payments. If Charlotte requires an 11% nominal yield to maturity on this investment, what is the maximum price Charlotte should be willing to pay for the bond? $1,125.47 $1,181.67 $694.29 $981.03 $1,803.01

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