Morin Company's bonds mature in 18 years, have a par value of $1,000, and make an semi-annual coupon interest payment of $25. The market requires an interest rate of 7% on these bonds. What is the bond's price?

Question 5 options: a) $930.25 b) $797.10 c) $939.55 d) $855.83 e) $762.80