Assume that you are considering the purchase of a 30-year, noncallable bond with a coupon rate of 4%. The bond has a face value of $1,000, and it makes semiannual interest payments. If you require a 5% yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?
$895.35
$845.46
$432.12
$1,463.63
$846.28