Problem: An investor purchase a bond for $953 on January 2, 1997. The bond has a face value of $1,000 and a stated interest rate of 6.85 percent. It matures on December 31, 2016. The yield to maturity on this bond is _____ percent.
a. 6.85
b. 6.92
c. 7.19
d. 7.26