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Retro Inc. needs $2 million to automate all existing factories. The firm plans to sell bonds in the Eurodollar bond market. The bonds will have

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Retro Inc. needs $2 million to automate all existing factories. The firm plans to sell bonds in the Eurodollar bond market. The bonds will have a maturity of five years, a par value of $1000, and coupon payments of $50 per year. After transaction costs & fees each Eurodollar bonds will net $968.00. What is the cost of these Eurodollar bonds? (Round to two decimal places.) 5.00% 6.95% 5.75% 4.41%

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