The Maryland Communications, Inc. has outstanding bonds with exactly 25 years remaining to maturity. The face value of the bonds is $1,000. The coupon rate on the bonds is 6%. The bond makes semiannual interest payments. The current market required rate of return on these bonds is 7%. What value do you place on one of these bonds?

Select one:

a. $ 917.59

b. $ 883.46

c. $ 447.97

d. $ 882.72

e. none of the above