Nascar Marketing, Inc, is a sports marketing agency. They have bonds which
have a face value of $1,000. The bonds carry a 5 percent semi-annual
coupon, and mature in 16 years. What is the current price of these bonds if
the yield to maturity (the going market rate, rd) is 4 percent?
$825.22
$731.89
$1,117.34
$1,704.05
$1,116.52