Field Industries' outstanding bonds have a 25-year maturity and $1,000 par value. Their nominal yield to maturity is 9.25%, they pay interest semiannually, and they sell at a price of $1,075. What is the bond's nominal (annual) coupon interest rate?

Select the correct answer.

a. 9.86%

b. 9.70%

c. 10.18%

d. 10.02%

e. 10.34%