Ngata Corp. issued 19-year bonds 2 years ago at a coupon rate of 9.6 percent. The bonds make semiannual payments. If these bonds currently sell for 107 percent of par value, what is the YTM?

a. 9.68%

b. 4.40%

c. 8.80%

d. 7.92%

e. 10.56%