42,000 bonds; $1,000 face value; 11% stated rate; 5 years; semi-annual interest payments.
Determine the price of bonds, assuming market interest rate is 9%. (Present value factors should be rounded off to nearest 5 decimal places and the final answer should be rounded off to nearest whole dollar)
Answer Choices:
a. $46,282,152
b. $45,323,443
c. $41,999,985
d. $43,462,429