Grossnickle Corpnissued 20-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 19 years to maturity?
A. $,113.48
B. $1,142.03
C. $1,171.32
D. $1,201.35
E. $1, 323.15