An investor purchased a $100,000 bond as a long-term investment on January 1 at 95. The bond

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Question:

An investor purchased a $100,000 bond as a long-term investment on January 1 at 95. The bond pays semi-annual interest on June 1 and December 1 each year at a yearly rate of 9%. Brokerage fees were $2,000. How much cash was used to complete this transaction?
Select one:
a. $100,000
b. $97,000
c. $97,750
d. $100,750
e. $98,750