A corporation decides to issue 15-year bonds in the amount of $10,000,000. Interest payments will be made at the rate of 10% compounded semi-annually. The bonds were priced to yield 8% compounded semi-annually to maturity. What is the price of the bonds?
a. $8,462,755
b. $10,000,000
c. $3,083.187
d. $11,729,203
