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Please break down how to get this answer please! J&J Manufacturing just issued a bond with a $1,000 face value and a coupon rate of

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Please break down how to get this answer please!
J&J Manufacturing just issued a bond with a $1,000 face value and a coupon rate of 8%. If the bond has a life of 20 years, pays annual coupons, and the yield to maturity is 7.5%, what is the present value of the bond's coupon payments? 1) $1015.55 2) $915.55 3) $815.55 4) $1600.00 5) $1080.55

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