Colby & Company bonds pay semiannual interest of $50. They mature in 15 years and have a par value of $1,000. The market rate of interest is 8%. The market value of Colby bonds is (round to the nearest dollar) A) $1,173. B) $743. C) $1,000. D) $827. Please tell me how you got the answer, step-by-step, not using excel. And if you explain with PVIFA please write out the formula you use for that as well. Thanks!