Grossnickle Corporation issued 20-year, noncallable, 7.2% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.6%. What is the current price of the bonds, given that they now have 19 years to maturity?

a. $1,237.42

b. $1,184.25

c. $1,194.73

d. $1,230.68

e. $1,189.63