A bond has a yield to maturity of 12.11 percent, an 11.5 percent annual coupon, a $1,000 face value, and a maturity date 8 years from today. What is the current yield?
a. 9.47 percent
b. 10.15 percent
c. 10.73 percent
d. 11.50 percent
e. 11.86 percent