Dry Seal plans to issue bonds to expand operations. The bonds will have a par value of $1,000, a 10-year maturity, and a coupon rate of 9%, paid semiannually. Current market conditions are such that the bonds will be sold at $937.79. What is the yield-to-maturity of these bonds?

• A

  9%

• B

  8%

• C

  11%

• D

  10%