Travis purchased a bond for $950 at the beginning of 2013. He received annual interest payments of $60 at the end of each year through 2019 when the bond was redeemed at its face value of $1,000. Compute the yield (internal rate of return) he earned on his bond purchase over the 7 years.

a) 9.06%

b) 8.88%

c) 6.93%

d) 7.76%