Eagle Industries' bonds have a 10-year maturity and a 7.75% coupon paid se niannually. They sell at their $1,000 par value, and are not callable. What is the effective annual rate (EFF%) for these bonds? Recall that EFF% [1 + (Nominal Rate / n)]n-1 Your answer should be between 7.20 and 9.12, rounded to 2 decimal places, with no special characters