1.5-year, $1,000,000 bonds, that pay 10% interest are issued.At the time of issuance, the market rate of interest is 8%.For bondholders, what is the

1.    5-year, $1,000,000 bonds, that pay 10% interest are issued. At the time of issuance, the market rate of interest is 8%. For bondholders, what is the effective return on this investment?

a.     2%

b.    8%

c.     10%

d.    Cannot be determined based on information given