Three years ago, your company issued 20-year bonds at par. The bonds have a coupon rate of 6.5 percent and pay interest annually. Today, the market rate of interest on these bonds is 7.2 percent. How does the price of these bonds today compare to the issue price?

1.36 percent higher

6.74 percent lower

6.05 percent lower

5.78 percent higher

5.78 percent lower