Deltacorp Ltd has issued bonds with semi-annual coupon payments. The bonds are currently trading at a price of $87.12 in the market and are priced using a yield of 12% p.a. compounded semi-annually. The bonds have a face value of $100 and mature in 5 years' time. What is the bond's nominal annual coupon rate?

8.19% p.a.

There is not enough information to determine the coupon rate

8.36% p.a.

8.68% p.a.

8.50% p.a.