Question 15 Mark Zach is going to purchase a 5,000-par callable bond that will pay semi-annual coupons at an annual rate of 9%. The bond will redeem at par at the end of 20 years The bond may be called at the end of year 9 to year 15 with a call price of $5,300. What is the highest price Zach should pay to yield at least a nominal rate of 8%, convertible semi-annually, at redemption? 5,399 5,434 5,464 5,499 5,524