A Canadian company issues an 8-year term bond with face value of $1,000 and 6% coupon rate. If the market prevailing effective rate of interest is 5.75%, what is the price an investor will have to pay? Note: The bond pays a $60 coupon (or interest) payment at the end of each of the 8 years and pays the face value at the end of the 8 years.

A.$1,150.00

B.$1,200.00

C.$1,015.85

D.$1,215.00