Calculate the Fair Market Value (FMV) for a 5-year bond with a coupon rate of 8%. Bonds with similar risk have Yields-to-Maturity (YTMs) of 7%. For simplicity, assume annual cash flows.

Select one:

a. $1,000 to $1,100

b. More than $1,100

c. $800 to $900

d. $900 to $1000

e. Less than $800