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Karen purchased a 10 -year 1000 par value bond with an annual nominal coupon rate of 5% payable semiannually at a price of 890 .

image text in transcribed Karen purchased a 10 -year 1000 par value bond with an annual nominal coupon rate of 5% payable semiannually at a price of 890 . The bond can be called at 1100 on any coupon date starting at the end of year 5 and ending six months prior to maturity. Calculate the minimum yield that Karen could receive, expressed as an anual nominal rate of interest convertible semiannually

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