A bond with a $10,000 par value has an 7.25% coupon rate. It will mature in 6 years, and coupon payments are made annually. Present annual yields on similar bonds are 7.75%. What should the current price be?
a. 9,999.25
b. 9,946.28
c. 9,870.56
d. 9,848.72
e. 9,767.09