What is the present value of a zero$-$coupon bond with a par value of R$1000000,$ which is due to be redeemed in $10$ years$$ time, when the market interest rate for such a bond is $6\%,$ interest compounded semi$-$annually? Set your calculator to four decimal places and round the final answer to the nearest rand. Slight rounding differences may occur depending on whether you use the mathematical formula or a financial calculator. Choose the alternative that is closest to your answer.

$($a$)$ R$553676$

$($b$)$ R$744094$

$($c$)$ R$742470$

$($d$)$ R$861667$

Select one:

a$.$

R$742470$

b$.$

R$861667$

c$.$

R$744094$

d$.$

R$553676$