Suppose a State of New York bond will pay $1,000 ten years from now. If the going interest rate on these 10-year bonds is 5.5%, how much is the bond worth today?

a.$585.43

b.$614.70

c.$645.44

d.$677.71

e. $711.59

This is a TVM question. Please provide how the answer was arrived at using the TVM formula. It is okay to use Excel as long as the formula can be seen when clicking on the cell. Thank you.