A city has issued 25- year general obligation bonds with a coupon rate of 8 percent. If the market rate currently available on comparable bonds is 10 percent, what has happened to the market value of those bonds?
A. The value is higher that when issued.
B. The value is lower than when issued.
C. It is impossible to tell, because the initial bond value is not given.
D. It is impossible to tell, because the coupon structure is not given.