An Insurance Company Purchases Corporate Bonds in the Secondary Market

An insurance company purchases corporate bonds in the secondary market with six years to maturity. Total par value is $55 million. The coupon rate is 11 percent, with annual interest payments. If the expected required rate of return in 4 years is 9 percent, what will the market value of the bonds be then?

A) $52,115,093
B) $55,341,216
C) $55,000,000
D) $56,935,022