Rapid River, Inc., has a 7.5% coupon bond that matures in 9 years. The bond pays interest semi-annually. What is the market price of a $1,000 face value bond if the yield to maturity is 6.8%?

a. Bond pricing calculation.
b. Application of semi-annual compounding.
c. Determination of present value.
d. Use of bond valuation formulas.