Please show all work. Pleas solve by calcualting N, I, PV, PMT, and FV. Please don't use Excel since I don't need to learn it that way.

Frazier Fudge has a $1,000 par value bond that is currently selling for $1,300. It has an annual coupon rate of 7%, paid semiannually, and has nine years until maturity. What is the annual yield to maturity on the bond (rounded to the nearest whole percentage)?

a. 7%

b. 5%

c. 3%

d. 9%