Nina Corporation issued 10,000 units of $1,000 face value bonds that mature in 20 years and have a 4% coupon rate that is paid semi-annually. If the bonds were sold at 103.5% of their face value, calculate the yield to maturity at the end of year 8.

Select one:

a. 3.71%

b. 3.64%

c. 3.75%

d. 3.58%

e. 3.50%