The price of a government bond was £1 000 when it was issued. The bond has no maturity date and the government does not intend to redeem it. The bond pays a coupon of £60 per year to the bondholder and currently has a market price of £1 500.
Which one of the following fractions represents the current yield on the bond?
125\frac{1}{25}251
350\frac{3}{50}503
115\frac{1}{15}151
23\frac{2}{3}32