(Please use a math, finance equation and/ or formula. DONT USE A SHEET CHART, EXCEL, OR GRAPH)

15) Last year James purchased a $1,000 face value corporate bond with an 5% annual coupon rate and a 20-year maturity. At the time of the purchase, it had an expected yield to maturity of 4.5%. If James sold the bond today of $1,150, what rate of return would she have earned for the past year?

12.43%

11.92%

11.50%

12.96%

12.67%