Jerry just purchased a bond paying semiannual interest for a price of $1,000. Yields on bonds of similar risk are 9.8%. The bond has a face value of $1,000. Based on this information, the coupon rate of the bond is:
a. The coupon rate of the bond is 9.7%
b. The coupon rate of the bond is 10.2%
c. The coupon rate of the bond is 9.2%
d .The coupon rate of the bond is 9.8%
e. We need the maturity of the bond to solve this problem.