Gabriele Enterprises has bonds on the market making annual payments, with $12$ years to

maturity, a par value of $$1,000,$ and selling for $$790.$ At this price, the bonds yield $11$

percent. What must the coupon rate be on the bonds?

Multiple Choice

$7\mathrm{.}87\%$

$7\mathrm{.}77\%$

$11\mathrm{.}00\%$

$9\mathrm{.}83\%$

$15\mathrm{.}53\%$