What is the interest rate of the following bond, assuming that the market for the bond is in equilibrium?

Par value: $1,000

Years to maturity: 15 years

Coupon rate: 8% paid semiannually

Current market price: $1,100

Select one:

a. 6.21%

b. 4.21%

c. 3.46%

d. 6.92%

e. 5.88%