Wachowicz Corporation Issued 15-Year, Noncallable, 7

Wachowicz Corporation issued 15-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 14 years to maturity?

A) $1,077.01
B) $1,104.62
C) $1,132.95
D) $1,162.00
E) $1,191.79