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Grossnickle Corporation issued 1 5 - year, noncallable, 9 . 1 % annual coupon bonds at their par value of $ 1 , 0 0

Grossnickle Corporation issued 15-year, noncallable, 9.1% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 7.2%. What is the current price of the bonds, given that they now have 14 years to maturity?
a. $1,220.81
b. $1,229.81
c. $1,164.19
d. $1,177.13
e. $1,170.89

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