Smackdown Inc. has a bond outstanding with a 9% annual coupon rate, a market price of $1,050, and a face value of $1,000. If the bond matures in 5 years and interest is paid on a semi-annual basis, what is the annual YTM? Assume the next coupon payment will occur in 6 months.

A. The YTM is less than 6%.

B. The YTM is equal to or greater than 6% but less than 7%.

C. The YTM is equal to or greater than 7% but less than 8%.

D. The YTM is equal to or greater than 8% but less than 9%.

E. The YTM is equal to or greater than 9%.