You are considering the purchase of a new issue of bonds which will mature in 10 years. The coupon rate on this bond is 8% annually, with interest being paid every 6 months.

If your portfolio has an average annual return of 6 % what is the most you would pay for this bond?

Group of answer choices

$1,122.87

$1,275.38

$950.75

$1,148.78