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Microhard has issued a bond with the following characteristics: - Par: $1,000 - Time to maturity: 8 years - Coupon rate: 11 percent - Semiannual

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Microhard has issued a bond with the following characteristics: - Par: $1,000 - Time to maturity: 8 years - Coupon rate: 11 percent - Semiannual payments Calculate the price of this bond if the YTM is 11%. a. $819.77 b. None of the above c. $1,251.83 d. $1,000.00

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