Wachowicz Corporation issued 15-year, non callable, 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 14 years to maturity?
a. $1,132.95
b. $1,162.00
c. $1,191.79
d. $1,104.62
e. $1,077.01