Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $65. The market requires an interest rate of 6.1% on these bonds. What is the bond's price?
A. $1,024.74
B. $1,147.71
C. $1,116.97
D. $1,096.47
E. $1,280.93
Answer: A
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