Your Company issued a $10,000 face value bond with a 3% stated rate of interest and a 10-year term. The bond was issued and dated 1/1/17. Interest is paid annually on December 31. The bond was issued for 102, so the market rate of interest:

A)was equal to the stated rate of interest.

B)The answer cannot be determined from the information provided.

C)was higher than the stated rate of interest.

D)was lower than the stated rate of interest.