12. A bank buys bonds for $34 million. The bonds' par value is $35 million, the coupon rate is 9 percent, and the bonds make annual payments. The bonds mature in four years, but the bank's investment horizon is just two years. If the bank estimates the required rate of return in two years will be 8 percent, what is the bank's annualized expected yield on this investment if it sells at the expected price in two years? a. 11.52% b) 10.66% c. 9.89% d. 8.00% 34 2 24384574,77 08 35 V = 15,292,845,30 574.74