A bond with a coupon rate of 7%, paid annually, and a face value of $1,000 matures in 8 years. If the current annual market interest rate is 11%, what is the bond's market value? Now we ll change the time to maturity. A bond with a coupon rate of 7%, paid annually, and a face value of $1,000 matures in 8 years. If the current annual market interest rate is 11%, what is the bond's market value?

A. $1,000

B. $1,238.94

C. $4,699.22

D. $794.13