What is the value of a bond with a face value of $600, and an annual coupon paid at a coupon rate of 6%, if it is trading at a yield of 8% p.a.? (Hint: You have enough information to answer the question without using your calculator.)

Select one:

a. $560.25

b. $600.00

c. $643.56

d. There is insufficient information to answer the question.