Olmsted has a bond issue with a coupon rate of 5.5% that matures in 8 years. The bonds have a par value of $1,000 and a market price of $962. If interest is paid annually, what is the yield to maturity on Olmsted's bonds?

a) 6.28 percent

b) 5.61 percent

c) 6.11 percent

d) 5.95 percent

e) 6.45 percent