Suppose the U.S. Treasury offers to sell you a bond for $3,000. No payments will be made until the bond matures 15 years from now, at which time it will be redeemed for $5,600. What interest rate would you earn if you bought this bond at the offer price?
1. 5.46%
2. 6.44%
3. 4.37%
4. 3.58%
5. 4.25%