16. Five years ago, Thompson Tarps Inc. issued twenty-five-year 10% annual coupon bonds with a $1,000 face value each. Since then, interest rates in general have risen and the yield to maturity on the Thompson bonds is now 8%. Given this information, what is the price today for a Thompson Tarps bond?

a. $843.14

b. $850.61

c. $1,181.54

d. $1,196.36