Ackerman Co. has 7 percent coupon bonds on the market with twelve years left to maturity. The bonds make annual payments. If the bond currently sells for $1,055.17, what is its YTM? Assume a par value of $1,000.

a. 9.68%

b. 6.33%

c. 7.68%

d. 6.73%

e. 7.30%