Company Z's bonds have a $1,000 par value, and they mature in 30 years. The nominal, annual yield to maturity is 8.25%, but they pay interest semiannually, and their current price is $935. What is the bond's nominal coupon interest rate?

a. 3.83%

b. 8.25%

c. 7.66%

d. 7.71%

e. 7.49%

Could you please explain in steps!