A firm's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of 6.5%. The market requires an interest rate of 8.2% on these bonds. Which of the following is TRUE?
A. The market price of the bond must be $1,000
B. The market price of the bond must be greater than $1,000
C. The market price of the bond must be less than $1,000
D. The market price of the bond cannot be determined.