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BOND RETURNS

Last year Janet purchased a $$1,000$ face value corporate bond with an $11\%$ annual coupon rate and a $20-$year maturity. At the time of the purchase, it had an expected yield to

naturity of $13\mathrm{.}55\%.$ If Janet sold the bond today for $$1,166\mathrm{.}22,$ what rate of return would she have earned for the past year? Do not round intermediate calculations. Round your

inswer to two decimal places.

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