O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual, not semiannual yield to maturity is 9.25%, they pay interest semiannually, and they sell at a price of $875. What is the bond's nominal coupon interest rate?
A. 6.37%
B. 8.76%
C. 7.96%
D. 6.05%
E. 6.69%
Answer: C
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