A firm has an issue of $1,000 par value bonds with a 11 percent coupon rate outstanding. The issue pays interest annually and has 12 years remaining to its maturity date. If bonds of similar risk are currently earning 8 percent, the firm's bond will sell for ________ today.

A.

$1,226.1

B.

$1,306.8

C.

$1,268.4

D.

$1,284.2

E.

$1,249.9