A 12-year bond has an annual coupon rate of 9%. The par value of the bond is $1,000 and the bond has a yield to maturity of 7%. Which of the following statements is correct?

a The bond is currently selling at a price below its par value.

b The bond is currently selling at a price above its par value.

c If the market interest rate declines, the price of the bond will also decline.

d The bond is currently selling at its par value.