On April 28th, 2014, Canada sold $1.5 Billion of 50-year bonds carrying a 2.75% coupon. If we assume that on April 28th, 2024, the YTM on these bonds has risen to 7%, and given that there is still 40 years before maturity, what price will each $1,000 bond sell for?

Multiple Choice

• $325.85

• $431.59

• $528.45

• $498.56