Texas Republic, Inc. has issued a 7% fixed annual coupon bond with 15 years until maturity having a $1,000 par value currently priced at $1,207.59. If market rates do not change, what must happen to the price of this bond as time passes and the maturity date approaches? Multiple Choice The price will not change since market rates are not changing. The price must increase each year and converge on a new par value of $2,000. The price must decrease each year and converge on the $1,000 par value. The price must increase each year and converge on the value of the sum of all coupon payments