One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 7.9% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity?

Select the correct answer.

$1,239.42

$1,236.33

$1,227.06

$1,233.24

$1,230.15