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Eleven years ago, Cornwall Industries issued 25 years 5% annual coupon bonds with a $1,000 face value and with semiannual coupon payments. Since then, interest

Eleven years ago, Cornwall Industries issued 25 years 5% annual coupon bonds with a $1,000 face value and with semiannual coupon payments. Since then, interest rates in general have declined and the yield to maturity on the Cornwall bonds is now 4%. Given this information, what would be the price today for a Cornwall Industries bond?

A. 981.81

B. 1105.63

C. 997.13

D. 1106.41

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