Grossnickle Corporation issued 15-year, noncallable, 8.9% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 6.9%. What is the current price of the bonds, given that they now have 14 years to maturity?
a. $1,229.99
b. $1,175.96
c. $1,190.19
d. $1,239.60
e. $1,183.31