Dave invests in a bond that yields 3.50% annual effective for 10 years.

The bond pays coupons at a rate of 3.50%, payable semi-annually.

It has a redemption value of $75.

Mike invests in a 5 year bond. The bond pays coupons at a rate of 14.00%, payable quarterly.

It has a redemption value of $150.

Mike paid twice the price for his bond compared to what Dave paid.

Both bonds have a face amount of $100.

Calculate the annual effective yield for Mike's bond.