8. Microsoft Corp. has a bond outstanding with the following characteristics. The coupon rate is 2.75%, expressed as an annual percentage rate with quarterly payments. The face value is equal to $1,000. The bond has 1 year to maturity. The yield to maturity is 3.15%, expressed as an annual percentage rate with quarterly compounding. What is the current yield" on this bond (expressed as an annual percentage rate with quarterly compounding)? The current yield represents the return from income on a bond over the next 12 months. a) 2.7% to