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You'd like to buy a 20-year, noncallable bond with an annual coupon rate of 8.4% paid semi-annually. The bond has a par value of $1,000.

You'd like to buy a 20-year, noncallable bond with an annual coupon rate of 8.4% paid semi-annually. The bond has a par value of $1,000. If you require an 7.75% nominal yield to maturity on this investment, what should you be willing to pay for the bond? a. $565.07

b. $1912.53

c. $1065.54

d. $1065.02

e. $1044.66

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