O'Brien Ltd's outstanding bonds have a $1,000 par value, and they mature in 25 years. Their coupon rate is 9.25%, they pay interest semiannually, and they sell at a price of $1,100. What is the bond's nominal yield? (Hint: find the seniannual yield and multiply by two to find the nominal yield).

8.3%

8.55%

8.38%

9.01%

9.54%