Gabriele Enterprises has bonds on the market making annual payments, with 13 years to maturity, a par value of $1,000, and selling for $870. At this price, the bonds yield 7.2 percent. What must the coupon rate be on the bonds?

Multiple Choice

a) 6.47%

b) 5.63%

c) 5.73%

d) 7.20%

e) 11.25%