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Timmons Ltd. has 9% p.a. coupon rate bonds, with an annual coupon, on the market with 8 years left to maturity.The yield to maturity is

Timmons Ltd. has 9% p.a. coupon rate bonds, with an annual coupon, on the market with 8 years left to maturity.The yield to maturity is 8% p.a.Assuming a face value of $1,000, what is the bond's current price?

a.$1,087.86

b.$1,000.00

c.$1,028.20

d.$944.65

e.$1,057.47

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