Question: Kyle buys a 15-year $100 par value 8% bond with semiannual coupons. The price assumes a nominal yield of 6% compounded semiannually. As Kyle receives

Kyle buys a 15-year $100 par value 8% bond with semiannual coupons. The price assumes a nominal yield of 6% compounded semiannually. As Kyle receives each coupon payment, he immediately invests it in an account earning interest at an annual nominal rate of j, compounded semiannually. At the end of 15 years, immediately after receipt of the final coupon payment and the redemption value of the bond, Kyle has earned an annual effective yield of 9% on the investment in the bond. Calculate j. Write your answer as a percent, rounded to 4 decimal places.

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