EarthCOM On October 4^th, 2000, Long Distance Company, EarthCOM, Issued Bonds

EarthCOM
On October 4^th, 2000, long distance company, EarthCOM, issued bonds to finance a new wireless product. The bonds were issued for 30 years (mature on October 4^th, 2030) , with a face value of $1,000, and SEMIANNUAL coupons. The coupon rate on these bonds is 8% APR. Over the last 4 years, the company has experienced financial difficulty as the long distance market has grown more competitive.
-Refer to EarthCOM.Suppose that today (October 4^th,2002) ,EarthCOM admits to fraud in reporting revenues over the last 3 years.The price of EarthCOM immediately tumbles to $500.What is the new yield-to-maturity on EarthCOM bonds? (Express as an APR)

A) 16.04%
B) 16.21%
C) 18.12%
D) 20.77%