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Brown Enterprises' bonds earn a 7.60 percent yield to maturity. They have a 20-year maturity, and an annual coupon rate of 8 percent. Coupons are

Brown Enterprises' bonds earn a 7.60 percent yield to maturity. They have a 20-year maturity, and an annual coupon rate of 8 percent. Coupons are paid semiannually. What is their current yield?

a.

9.20%
b.

7.90%
c.

7.64%
d.

7.69%
e.

9.00%

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