D$.$ J$.$ Masson Inc. recently issued noncallable bonds that mature in $10$ years. They have a par value of $$1,000$ and an

annual coupon of $6\mathrm{.}5\%.$ If the current market interest rate is $11\%,$ at what price should the bonds sell?

a$.1,000\mathrm{.}00$

b$.845\mathrm{.}22$

c$.650\mathrm{.}17$

d$.734\mathrm{.}98$