Morin Company's bonds mature in 8 years, have a par value of $1,000, and make a semiannual coupon interest payment of $32.5. The annual market requires an interest rate of 6.1% on these bonds. What is the bond's price?

Select one:

a. $1,024.74

b. $1,025.03

c. $1,025.22

d. $1,055.75