Sandra has just purchased Insidia Ltd bonds. Using the following information at the time of the purchase, what is the nominal annual coupon rate on the bond?

• Sandra paid a total of $18,533.14 based on the market price with a yield of 10% p.a. compounding annually.
• The face value of the bond is $20,000.
• The bond pays coupons annually and matures in exactly 40 years.

Group of answer choices

9.75%

10%

9.25%

9.5%

9%