Field Industries' outstanding bonds have a 25-year maturity and $1,000 par value. Their nominal yield to maturity is 9.25%, they pay interest semiannually, and they sell at a price of $850. What is the bond's nominal (annual) coupon interest rate?
A. 6.27%
B. 6.60%
C. 6.95%
D. 7.32%
E. 7.70%
Answer: E
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