A company just issued a unique, 5-year bond with a face value of $1,000 that pays a coupon of $60 in year 1, $70 in year 2, $80 in year 3, $90 in year 4, $100 in year 5. The company also pays the face value of the bond at the end of year 5. If the yield to maturity is 8%, what is the price of this bond? (Assume coupons are paid annually)
a) $941.47
b) $953.76
c) $967.12
d) $978.89
