A hydro bond with a face value of $5,000 and twenty years remaining until maturity pays a coupon rate of 3.2% compounded semiannually. Calculate its effective yield to maturity if it is priced at $4,800.

Select one:

a. 2.51%

b. 1.26%

c. 4.51%

d. 3.51%

e. 7.02%