23. Investor A purchased a 20-year bond on its issue date at a price equal to the face amount of the bond. The bond pays semi-annual coupons based on a 5% (annual) coupon rate. After 5 years Investor A sold this bond to Investor B. Investor A earned a yield of 5.6% (a nominal annual rate, convertible semi-annually) over the 5 years he owned the bond. Five years after purchasing the bond, Investor B sold the bond to Investor C. Based on Investor C's purchase price, the bond's yield to maturity is 6.5% convertible semi-annually. What yield rate (expressed as a nominal rate, convertible semi-annually) did Investor B earn on the bond during the 5 years he owned it? A) 2.2% B) 3.0% C) 3.7% D) 4.2% E) 4.8%