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C is corrent. Theoretically, market price (proceeds) of an obligation is equal to the present value of all future cash flows (i.e., the time value of money is considered). A bond has two sets of cash flows: periodic interest payments and the principal amount due at the end of the life of the bond. Such cash flows would be discounted at the prevailing market rate of interest at the time of the bond’s issuance.
A is incorrect because the face value of the bond is not being discounted.
B is incorrect because both the time value of money and the periodic interest payments are being ignored.
D is incorrect because the time value of money is not being considered.