Autopia City issues a serial bond of $90,000 to be paid over five years, receiving $89,000. The series of annual payments (including both interest and principal repayment, at the end of each year) is as follows: $15,600; $15,700; $23,900; 22,900; 28,700. Using the TIC approach, what is the effective interest rate? Select one:

a. 6.5%

b. 5.75%

c. Cannot tell from the information given

d. 4.75%