O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual, not semiannual yield to maturity is 9.50%, they pay interest semiannually, and they sell at a price of $700. What is the bond's nominal coupon interest rate? Do not round your intermediate calculations.

a. 3.17%

b. 6.34%

c. 6.05%

d. 3.03%

e. 5.77%

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