Gracie Mansion Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $65. The market requires an interest rate of 6.7% on these bonds. What is the bond's price?

Select one:

$987.92

$1,155.86

$770.58

$1,215.14

$1,047.19

None of these is the right answers

solved with excel