Leggio Corporation issued 15-year, 6% annual coupon bonds at their par value of $1,000 one year ago. One year later the market interest rate on these bonds had dropped to 5%. What is the new price of the bonds, given that they now have 14 years to maturity?

Select the correct answer.

$1,097.01

$1,100.35

$1,098.62

$1,098.99

$1,099.53