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Last year, Sally purchased a $1,000 face value corporate bond with an 8.6 percent annual coupon rate and a 20-year maturity. At the time of

Last year, Sally purchased a $1,000 face value corporate bond with an 8.6 percent annual coupon rate and a 20-year maturity. At the time of the purchase, it had an expected yield to maturity of 6.7 percent. If Sally sold the bond today for $1,243.35, what rate of return would she have earned for the past year? a. 11.69% b. 10.22% c. 3.09% d. 9.92% e. 8.60%

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