Last year Janet purchased a $1,000 face value corporate bondwith an 8% annual coupon rate and a 30-year maturity. At the timeof the purchase, it had an expected yield to maturity of 12.56%. IfJanet sold the bond today for $927.06, what rate of return wouldshe have earned for the past year? Do not round intermediatecalculations. Round your answer to two decimal places.
