Your supervisor at CIBC asks you to calculate the current market value of a new security the bank wants to issue today. The security consists of three coupon payments, the first paid at one year from today, the second paid two years from today and the third paid three years from today, all taken from a riskless Canadian interest$-$only mortgage with initial balance of $$500,000\mathrm{.}00,$ an announced annual coupon rate of $4\%$ and a twenty year maturity. you know that one$-$year Canadian T$-$bills are selling for $$98\mathrm{.}99$ per one hundred dollars of face value, two year T$-$bills at $$96\mathrm{.}34$ per one hundred dollars of value and three year T$-$bills at $$93\mathrm{.}44$ per one hundred dollars of face value. What approximate value do you report to him?

a$.$ $$1,436\mathrm{.}90$

b$.$ $$9,816\mathrm{.}47$

c$.$ $$11,328\mathrm{.}77$

d$.$ $$4,773\mathrm{.}21$

e$.$ none of the above

please answer the question as well as show the formula and steps used to find the answer