McConnell Corporation has bonds on the market with 16 years to maturity, a YTM of 6.6 percent, a par value of $1,000, and a current price of $1,176.50. The bonds make semiannual payments. What must the coupon rate be on these bonds?

A) 7.14%

B) 16.84%

C) 8.50%

D) 8.40%

E) 14.31%