O'Brien Ltd.'s outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal yield to maturity is 9.25%, they pay interest semi annually, and they sell at a price of $975. What is the bond's nominal coupon interest rate?
a. 8.99%
b. 7.71%
c. 8.12%
d. 8.54%
e. 7.32%