Four years ago, the Moore Co. issued 15-year, 7.5 percent semiannual coupon bonds at par. Today, the bonds are quoted at 101.6. What is this firm's pre-tax cost of debt?

A. 6.97 percent

B. 7.08 percent

C. 7.29 percent

D. 7.33 percent

E. 7.39 percent