The ABC Company has a bond outstanding with a face value of $1,000 that reaches maturity in 15 years. The bond certificate indicates that the stated coupon rate for this bond is 8% and that the coupon payments are to be made semiannually. The bonds are currently selling for 90.3%, or $903 per bond. Assume that the bonds remain outstanding until maturity and that the company makes all promised interest and principal payments in a timely basis. The yield to maturity