A company plans to raise $2,880,000 by issuing 4,000 zero-coupon bonds. All bonds have a face value of $1,000 and mature 7 years after the issue date. Assume comparable-risk coupon bonds normally pay semi-annual coupons. Investors who purchase the bond on its issue date get a yield to maturity of X p.a. (nominal). Which of the following equations can be used to find X (Only one correct answer).

720=1000/(1+X/2)^14

None of the equations give the correct answer.

720=1000/(1+X)^7

1000=2880000/(1+X/2)^14

4000=2880000/(1+X/2)^14

Calculate X. (Round your answer to a percentage of 2 decimals without the % symbol. E.g. if you answer is 0.12345, you should input 12.35.)