(1 point) (Exercise 6.28) A $1000 par value bond pays annual coupons of $60. The bond is redeemable at par in 30 years, but is callable any time from the end of the 10 th year at $1025. Based on the desired yield rate, an investor calculates the following potential purchase prices P : (i) Assuming the bond is called at the end of the 10 th year, P=$818. (ii) Assuming the bond is held until maturity, P=$692. The investor buys the bond at the highest price thai guarantees the desired yield rate regardless of when the bond is called. The investor holds the bond for 20 years, after which time the bond is called. Calculate the annual yield rate the investor earns. ANSWER = %