Slavin Movement has bonds on the market making annual payments, with $14$ years to maturity, a par value of $$1,000,$ and a current price of $$1,108\mathrm{.}60.$ At this price, the bonds yield $7\mathrm{.}5$ percent. What is the coupon rate?

Multiple Choice

$8\mathrm{.}93\%$

$8\mathrm{.}46\%$

$9\mathrm{.}01\%$

$9\mathrm{.}32\%$

$8\mathrm{.}78\%$