Assume that a 15-year bond with a face value of $1,000 has a 8% annual interest rate and is compounded semi-annually. The bond is callable after 5 years at 110% of par value and the market rate in todays market is 5%. What is the value of the bond? (rounded to the nearest number)

c) $1,314

a) $1,337

e) $1,045

d) $1,086

b) $1,122