Renfro Rentals has issued bonds that have a 6% coupon rate, payable semiannually. The bonds mature in 17 years, have a face value of $1,000, and a yield to maturity of 5.5%. What is the price of the bonds?
1) $982.93
2) $1,197.03
3) $1,051.05
4) $973.20
5) $827.22