a. You wish to save $50,000 at the end of 10 years. Today you make a deposit of $5000. You make 5 additional annual deposits growing at 5 percent. What interest rate must you earn? Do not write any symbol. Express your answers as a percentage. Round your answer to the nearest one-hundredth percentage point. For example, write 12.56 for 12.56%.

b. Consider a 30-year U.S. corporate bond paying 7 percent coupon. The bond has 20 years left to maturity and is currently priced at $970. The bond is callable in 6 years at a 8 percent call premium. If an investor can reinvest the call price at the prevailing market interest rate of 8 percent at the call date, what is his yield? Do not write any symbol (%, $, #, &,...). Express your answers as a percentage. Round your answer to the nearest one-hundredth percentage point. For example, write 12.56 for 12.56%.