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Ryngaert Inc. recently issued noncallable bonds that mature in 10 years. They have a par value of $1,000 and an annual coupon of 5.8%. If

Ryngaert Inc. recently issued noncallable bonds that mature in 10 years. They have a par value of $1,000 and an annual coupon of 5.8%. If the current market interest rate is 6.7%, at what price should the bonds sell?

a. $826.06

b. $931.49

c. $940.61

d. $963.58

e. $935.90

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