O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 16 years. Their nominal annual, not semiannual yield to maturity is 6.50%, they pay interest semiannually, and they sell at a price of $880. What is the bond's nominal (annual) coupon interest rate?

a. 2.64%

b. 6.50%

c. 5.00%

d. 5.28%