You are employed by an investment bank to estimate the value of a coupon-paying bond with the following features. It has a face value of $100,000, pays quarterly coupons at a rate of 8% p.a. and the market required yield to maturity is 10% p.a. compounding quarterly. There is one full quarter until the next payment will be received and the bond matures in 4 years. Which of the following is closest to the market value of the bond?

Group of answer choices

1.$93,473

2.$94,871

3.Need more information to answer the question

4.$106,789

5.$105,288