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A 10 year corporate bond with a face value of $1,000 pays $55 interest every year. What is the bond's fair market price if investor's

A 10 year corporate bond with a face value of $1,000 pays $55 interest every year. What is the bond's fair market price if investor's required return is 8.0%? (FVIFR=8.0,N=10 = 2.1589 ; PVIFAR=8.0,N=10 = 14.4866)

Select one:

a. $1,110.83

b. $1,035.53

c. $1,052.97

d. $1,012.65

e. $1,175.32

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