Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of 1,000, 9 years to maturity, and a coupon rate of 8 percent paid annually. If the yield to maturity is 9 percent, what is the current price of the bond?

• 940.05

• 1,066.47

• $893.05

• 1,030.00