Navarro, Incorporated, plans to issue new zero coupon bonds with a par value of $1,000 to fund a new project. The bonds will have a YTM of 6.15 percent and mature in 20 years. If we assume semiannual compounding, at what price will the bonds sell? Multiple Choice

a 287.83

b 303.11

c 285.85

d 297.76

e 290.32