a portfolio manager promised a client a 10% return on 50M on invested capital over a 4 year period (e.g. the investor would be paid back at the end of 4 years). The manager invested the money in a 20-year, 12% coupon bond selling at par. Since then, half a year passed. The manager is subject to contingent immunization. What would be the present value of the minimum target today if rates are now 9%?

a) $45,615,000

b)$52,500,000

c)$54,284,000

d)$46,349,000