Bill purchases an annuity at a price of 10000. The annuity makes payments to Bill of 500 at the end of every 6-month period for 20 years. Bill reinvests these payments into a fund which earns interest at an annual effective rate i. Interest payments from this fund are received every 6-months and reinvested at a nominal rate of 6% convertible semiannually Bill realizes an overall effective annual yield rate of 7% on his original investment over the 20- year period. Calculate i. Give your answer as a percent rounded to two decimal places. Hint: Think about the 40 payments of size 500, with no interest, as one stream of cash and the 40 increasing interest deposits as another stream of cash. Taken together, these two streams of cash should be equivalent to a 7% effective annual yield on the original 10000 at the end of 20 years