Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 5.2%. If the current market interest rate is 7.0%, at what price should the bonds sell?

a. $645.15

b. $829.96

c. $842.58

d. $869.21

e. $836.06