A bond with a coupon rate of 9.0% has a yield-to-maturity that today equals 10.5%. The $1,000 bond pays coupons every 6 months, 44 coupons remain, and a coupon was paid yesterday. Suppose you buy this bond and hold it so that you receive 11 coupons. You sell the bond upon receiving that last coupon. Suppose that when you sell the bond its yield-to-maturity has decreased by 215 basis points (1%=100bp). What would have been your annual rate of return for the bond investment?

13.08%

11.86%

12.24%

8.25%

7.10%