A company issued bonds with a 23-year maturity, a $1,000 par value, a 4.0% coupon rate, and semiannual interest payments. 8 years after the bonds were issued, the going rate of interest on bonds such as these changed to 12.0%. At what price would the bonds sell?

$274.26

$2,578.65

$449.41

$901.50

$399.23