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five years ago, strange corporation issued twenty-five-year 10% annual coupon bonds with a $1,000 face value each. Since then, interest rates rates in general have

five years ago, strange corporation issued twenty-five-year 10% annual coupon bonds with a $1,000 face value each. Since then, interest rates rates in general have risen, and the yield to maturity on the bonds is now 12%. Given this information, what is the price of the bonds today?

A. $1,230

B. $851

C. $1,218

D. $880

E. $1,440

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