One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 9.3% 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.

a. $1,364.41

b. $1,358.08

c. $1,355.97

d. $1,362.30

e. $1,360.19