10. Hollyhock Co. has annual coupon bonds outstanding with a coupon interest rate of 12%. The bonds have a $1,000 par value and 14 years to maturity. If the annual required return on the bonds is 10.65%, what is the approximate current yield on the bonds?

Group of answer choices

a. 10.25%

b. 10.95%

c. 11.14%

d. 11.31%

e. 12.16%