Question: You purchase a $ 1 , 0 0 0 par value bond paying a 5 % annual coupon. This bond matures in 2 0 years

You purchase a $1,000 par value bond paying a 5% annual coupon. This bond matures in 20 years and has a YTM of 7.11%. Five years later, you sell the bond at a time when the YTM is 6.15%. What annual rate of return have you achieved over your holding period?
Group of answer choices
8.82%
8.11%
7.91%
7.77%

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