Abbott Laboratories issued 18-year, noncallable, 9.75% annual coupon bonds (annual payments) at their par value of $1,000 eight years ago. Today, the market interest rate on these bonds is 15.00%. What is the current price of the bonds, given that they now have 10 years to maturity? a. $1,326.08 b. $888.35 c. $736.51 d. $489.33
e. $678.28