You own a bond investment with a $20,000 face value, 12 years to maturity, and 5.6% coupon rate paid semi-annual. If the bonds yield to maturity is 7.5%, calculate the price of the bond at year end, four years in the future.

Select one:

a. $17,744.67

b. $18,378.11

c. $18,102.33

d. $18,492.48

e. $17,271.95