1 year ago, Santa Claus issued 17-year bonds to finance the purchase of a new bottomless gift bag. The annual coupon rate for these bonds is 9 percent. They make semiannual payments. Their par value is $1,000. Their yield to maturity is 7 percent. How much should each bond sell for in today's market?

Multiple Choice

$1,671.41

$1,190.69

$617.54

$1,200.69

$1,131.51