One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000. 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. $1,077.01
B. $1,104.62
C. $1,132.95
D. $1,162.00
E. $1,191.79
Answer: E
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a. True b. False Indicate whether the statement is true or false