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BRYC Inc. has 40,000 outstanding bonds on the market with 13 years to maturity, offering a yield-to-maturity of 9.2 percent, and are currently priced below

BRYC Inc. has 40,000 outstanding bonds on the market with 13 years to maturity,

offering a yield-to-maturity of 9.2 percent, and are currently priced below par at $895.09.

The bonds make semiannual coupon payments. What is the annual coupon rate?

7.80%

8.25%

8.40%

8.65%

8.00%

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