Lanker Enterprises has bonds on the market making monthly payments, with 16 years to maturity, a par value of $1,000, and a price of $1254.49. At his price, the bonds yield 12.14 percent. What must the coupon rate be on the bonds?

Select one:

a. 14.586%

b. 14.833%

c. 15.513%

d. 15.752%