7.24

Trevor Price bought 10-year bonds issued by Harvest Foods five years ago for $4,295.90. The bonds make semiannual coupon payments at a rate of 8.4 percent. If the current price of the bonds is $6,380, what is the yield that Trevor would earn by selling the bonds today? (Round intermediate calculations to 4 decimal places, e.g 1.2514 and final answer to 2 decimal places, eg, 15.25%.) Effective annual yield