What is the interest rate of the following bond, assuming that the market for the bond is in equilibrium?
Par value: $1,000
Years to maturity: 15 years
Coupon rate: 8% paid semiannually
Current market price: $1,100
a. 6.21%
b. 4.21%
c. 3.46%
d. 6.92%
e. 5.88%