A municipality needs funding for upcoming infrastructure $($water and sewer line$)$ repair or replacement. They issue a series of $$1,000,$

$6\%$ semiannual, $12-$year bonds. The bonds are initially sold at a discount for $$900.$

Part a

If you buy a bond and sell it for $$790$ immediately following the $8^{th}$ interest payment, what is your effective annual rate of return?

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$\%$

Carry all interim calculations to $5$ decimal places and then round your final answer to $2$ decimal places. The tolerance is $+-0\mathrm{.}02.$