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Grand Canyon Guided Tours, Inc., issued 1 5 - year, $ 1 , 0 0 0 bonds with a 1 2 . 0 0 %

Grand Canyon Guided Tours, Inc., issued 15-year, $1,000 bonds with a 12.00% annual coupon rate. What is the selling price (rounded to the nearest cent) of these bonds if the current yield to maturity is 9.75%?
a. $1,000.00
b. $846.76
c. $1,333.64
d. $1,173.61

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