Grossnickle Corporation issued 20-year, noncallable, 7.4% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 19 years to maturity?

a. $1,281.57

b. $1,000.85

c. $1,013.05

d. $1,220.55

e. $1,196.13