Harry Houdini Ltd issues a 10-year bond that pays a 4 percent coupon. The current market rate for similar bonds is 3 percent. Assume semiannual coupon payments. What is the maximum price that should be paid for this bond? (Round to the nearest dollar.)
Select one:
A. $951.00
B. $1,102.00
C. $1,000.00
D. $1,085.84