O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual yield to maturity is 9.25% and they pay coupon semiannually. The bonds currently sell at a price of $1000. What is the bond's annual coupon rate?

Select one:

a. 8.86%

b. 10.03%

c. 9.25%

d. 9.17%