Chocolate and Rum, Inc. offers a 7% coupon bond with semiannual payments and a yield to maturity of 7.73%. The bonds mature in 9 years. What is the

Chocolate and Rum, Inc. offers a 7% coupon bond with semiannual payments and a yield to maturity of 7.73%. The bonds mature in 9 years. What is the market price of a $1,000 face value bond?

Select one:

A. $953.28 Correct

B. $963.88

C. $1,108.16

D. $1,401.26

E. $1,401.86

why the right answer is not D