An investor with a 3-year investment horizon considers purchasing a 10-year 8% coupon bond for $875.38. The par is $1,000 and the yield to maturity is 10%. The investor expects to be able to reinvest the coupon interest payments at an annual interest rate of 6%. At the end of planned investment horizon, the then-7-year bond will be selling to offer a yield to maturity of 8%. Calculate the annualized total return.