Problem:
You have the ability to buy a bond with a par value of $1000, coupon rate of 12%, paid semi-annually, nominal market rate of interest of 8.85%, for a price of $1170.02. The seller cannot remember how many years of maturity remain on the bond. You are able to inform the seller that ____ years remain to maturity.
A.11.5
B.15
C.9.5
D.10
E.7.5
Give details comprehensively and show all calculation.