Company X issued bonds ten years ago at $1,000 per bond. The bonds had a 25 year life when issued and the annual coupon rate was 10%. This 10% coupon rate exactly matched the required return by bondholders at that time. Interest is paid semi-annually. After ten years, the environment changed such that 7.25% is now the investors' required rate of return. Compute the new valuation of the bond which you hold as an asset

Group of answer choices

$1,348.98

$1,248.98

$1,246.72

$1,347.98