Key and Peele Industrial Products' bonds have a 7.60 percent coupon and pay interest annually. The face value is $1,000 and the current market price is $1,062.50 per bond. The bonds mature in 16 years. What is the yield to maturity? Show Work.

A. 6.94 percent B. 7.22 percent C. 7.46 percent D. 7.71 percent E. 7.80 percent