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Bond returnsLast year, Joan purchased a $ 1 , 0 0 0 face value corporate bond with an 7 % annual coupon rate and a

Bond returnsLast year, Joan purchased a $1,000 face value corporate bond with an 7% annual coupon rate and a 20-year maturity. At the time of the purchase, it had an expected yield to maturity of 9.96%. If Joan sold the bond today for $926.22, what rate of return would she have earned for the past year? Round your answer to two decimal places.

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