An investor with a 8-year investment horizon is considering purchasing a 10-year 8% coupon corporate bond with annual payments that is currently trading at $87.71. The investor expects that she can reinvest the coupon payments at an annual interest rate of 6% and that at the end of the investment horizon the 2-year bond will be selling to offer a yield to maturity of 5%. The goal is to estimate the total return on this bond.

Calculate the Total Future Dollars at the end of year 8.

What is the total return on an annualized basis for this bond? Report your answers as a percent and round to two decimal places.