Problem $7\mathrm{.}17($Bond Returns$)$

Question $4$ of $10$

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Problem Walk$-$Through

Last year Janet purchased a $$1,000$ face value corporate bond with a $12\%$ annual coupon rate and a $20-$year maturity. At the time of the purchase, it had an expected yield to maturity of $10\mathrm{.}05\%.$ If Janet sold the bond today for $$1,098\mathrm{.}54,$ what rate of return would she have earned for the past year? Do not round intermediate calculations. Round your answer to two decimal places. $$

$\%$

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