Problem:
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 7.7% on these bonds.
Required:
Question: What is the bond's price?
• $930.25
• $883.74
• $939.55
• $855.83
• $762.80
Note: Explain all steps comprehensively.