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5. Annual Bond Valuation Callan Corporation issued 20-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000 one year ago. Today, the market

5. Annual Bond Valuation

Callan Corporation issued 20-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 19 years to maturity?

$1,113.48

$1,142.03

$1,171.32

$1,201.35

$1,232.15

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