Texas Corporation has an effective annual WACC of 9.60%. It is financed with 40% debt and 60% equity, Texas's effective annual cost of equity is 12.80% and its corporate tax rate is 40%. All debt issued by Texas is a 25-year bond, paying coupon annually at a coupon rate of 8%. The bond has a face value of $1.000 What is the price of the Texas bond? (Please retain at least 4 decimal places in your calculations.) a $987 63 b. $852.46 OG $1.078 74 od 31.017 87 $1,000