A 10-year 7% fixed-rate coupon bond with semi-annual coupons has a market value of $1,234 per $1,000 par. What is the bonds annual yield to maturity, calculated as a continuously compounded rate? (Suggestion: set up your calculation in a table in Excel; you will need to apply the Solver tool. Do not round values at intermediate steps in your calculations.)

Multiple Choice:

A: 4.47% B. 5.72% C. 5.39% D. 5.05% E. 4.08%