On 4 September 2012 a company issued a bond with a face value of $500,000 that matures exactly 20 years later. The coupon rate is 7% p.a. compounded half-yearly. What is the bond's value on 4 September 2018 assuming the market yield is 4% p.a. compounded half-yearly.

a.

$663,832.88

b.

$749,945.95

c.

$705,166.09

d.

$655,301.73

e.

$659,609.54