Suppose you recently paid $1000 for a new 20-year bond issued by AT&T. The interest ("coupon") rate is 6 percent, and for the sake of simplicity, lets assume that the $60 is paid once a year at the end of the year. Given the 6 percent interest rate, the present value of the bond's face value of $1000 paid thirty years from now is approximately $312. What is the present value of the stream of thirty, annual $60 payments?

a. $1,000

b. $350

c. $688

d. $825

e. $312