Question: One year ago, you bought a $ 1 , 0 0 0 par value corporate bond with a 6 % annual coupon rate and a

One year ago, you bought a $1,000 par value corporate bond with a 6% annual coupon rate and a 10-year maturity. The bond makes annual coupon payments. When you bought the bond, it had an expected yield-to-maturity of 8%. Today the bond sells for $1,060. If you sold the bond today, what would be your one-year rate of return? Please write your answer using at least 3 decimal places. Solve using Ti-84.

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