Problem:
What is the value of a bond that matures in 14 years, has an annual coupon payment of $110, and a par value of $1,000? Assume a required rate of return of 8%, and round your answer to the nearest $10.
A.$1,000
B.$1,280
C.$1,330
D.$1,250
Note: Please describe comprehensively and provide step by step solution.