Covetton House has issued $10 million of debentures, with a fixed-interest coupon equal to current i

Covetton House has issued $10 million of debentures, with a fixed-interest coupon equal to current interest rates of 8.56% per annum, coupons paid quarterly and a maturity of 15 years. After 4 years, yields on identical types of securities have risen to 11.87% per annum. What is the value, or price, of the existing debenture in the secondary market?

Select one:

a. $9232965.26

b. $12300121.69

c. $7995805.67

d. $12328909.55

e. $8023403.66

f. $7981597.78

g. $12343693.47