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Grand Canyon Guided Tours, Inc., issued 1 5 - year, $ 1 , 0 0 0 bonds with a 9 . 5 0 % annual

Grand Canyon Guided Tours, Inc., issued 15-year, $1,000 bonds with a 9.50% annual coupon rate. What is the selling price (rounded to the nearest cent) of these bonds if the current yield to maturity is 8.50%?
a. $921.72
b. $1,083.04
c. $1,196.73
d. $1,000.00
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