J&J Manufacturing just issued a bond with a $1,000 face value and a coupon rate of 8%. If the bond has a life of 20 years, pays annual coupons, and the yield to maturity is 7.5%, what is the present value of the bond’s face value?

235. A) $   41
236. B) $   15
237. C) $   56
238. D) $1,000.00

E)         $1,050.97