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GMC bonds are issued with a 15-year maturity, a 7.25% semiannual coupon, and a par value of $1,000. With an APR interest rate at 5.00%,

GMC bonds are issued with a 15-year maturity, a 7.25% semiannual coupon, and a par value of $1,000. With an APR interest rate at 5.00%, the price of the bond is:

Select one:

a. $1588.12

b. $788.63

c. $857.23

d. $1235.47

e. $1233.54

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