On January 1, 20X1, WP Industries issued $200,000 (face value) of bonds with a stated (coupon) rate of 6%. The bonds pay interest semi-annually on June 30 and December 31 and mature in 15 years. If the market rate of interest on the issue date was 8%, the bonds will sell for

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Select one:

a. $171,420

b. $239,201

c. $165,762

d. $200,000

e. $165,416