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Bond Price: Regatta, Inc., has six-year bonds outstanding that pay a 8.25% coupon rate. Investors buying the bond today can expect to earn a yield

Bond Price: Regatta, Inc., has six-year bonds outstanding that pay a 8.25% coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875%. What should the company's bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)

a) $1014

b) $972

c) $923

d) $1,066

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