What is the yield to maturity of a bond with the following characteristics? Coupon rate is 8%,

Question:

What is the yield to maturity of a bond with the following characteristics? Coupon rate is 8%, with semiannual payments, current price is $960, three years until maturity. (Assume FV is $1,000)

A) 4.78%

B) 5.48%

C) 9.57%

D) 12.17%

Could you please show your work on how to derive at the correct answer? I prefer to be showed the solution using a financial calculator if possible.

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...