Happy Hour Inc. has $1,000 par value bonds with 6% coupon rate and 6 years to maturity. If your required rate of return is 8%, what should be the price of the bond if the bonds pay interest semi-annually?

Select one:

a. $849.28

b. $1,187.70

c. $1,099.54

d. $906.15

e. $907.54