A steel company issued a ten$-$year $1,000,000$ face amount bond $on$ March $1,2002$ with $an$ annual nominal coupon rate $of8\%$

paid semiannually.

$On$ September $2,2004,$ Company $X$ paid $1,100,000$ for this bond $to$ yield $an$ annual nominal rate $of$ i convertible semiannually.

Calculate $i.$

$4\mathrm{.}0\%$

$5\mathrm{.}5\%$

$6\mathrm{.}3\%$

$8\mathrm{.}0\%$

$9\mathrm{.}7\%$