A company has outstanding 8 per cent debentures of Rs.10,00,000 on which interest is payable annually on 31 December. The debentures are due for redemption at par on 1.1.1993. The market price of debenture at 31.12.1989 was Rs.103 cum-interest. Ignore Tax. What do you estimated to be current market rate of interest? (This is also called yield to Maturity.)