Based on the following information concerning a corporate bond:
Par value: $1,000
Years to maturity: 15 years
Coupon rate: = 8% paid semiannually
Current interest rate: 11
What is the expected price of the bond in 5 years? Assume that the interest rate will remain the same as the current rate.
Select one:
a. 824.97
b. 812.09
c. 820.74
d. 816.23