Suppose that you buy a 16-year zero-coupon bond today with a face value of $100 and that the yield curve is currently flat at 8.5% pa nominal. Immediately after purchasing the bonds, the yield curve becomes flat at 9.5% pa nominal. Assuming semi-annual compounding and that the bond is sold after 5 years, what is the annualized holding period yield on this bond?

a. 11.717%

b. 9.956%

c. 8.500%

d. 8.047%

e. 6.317%