McConnell Corporation has bonds on the market with 14 years to maturity, a YTM of 8.6 percent, a par value of $1,000, and a current price of $1,196.50. The bonds make semiannual payments. What must the coupon rate be on these bonds?

Multiple Choice

• 18.50%

• 9.23%

• 11.14%

• 11.04%

• 22.13%