What is the value of a 20-year, noncallable bond with an annual coupon rate of 9.5%, but making semiannual interest payments? The bond has a face value of $1,000, and you require an annual 8.4% discount rate for this investment.
a. $1,105.69
b. $1,133.34
c. $1,161.67
d. $1,190.71
e. $1,220.48