Microsoft issued a bond five years ago, that has currently got six years left to maturity. The face value of the bond is $1000, but it is currently trading in the secondary market at $965. Investors receive semi-annual coupon payments, and the coupon rate on the bond is 2.3% p.a. What rate of return do investors require for holding this Microsoft bond?

Group of answer choices

2.96%

1.47%

2.30%

4.60%