This morning, Alicia bought a ten-year 9% coupon bond that pays interest semi-annually. She paid $994 for a $1,000 bond. If the market interest rate on this type of bond declines to 8.5% tonight, how much will Alicia receive for her first interest payment?

Select one:

a. $45.00

b. $69.58

c. $90.00

d. $32.31

e. $46.29