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On 1st April 2019, Joe purchased a zero-coupon bond that had just been issued by Rangoon Retailers Ltd. At issue, the bonds had a 10-year

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On 1st April 2019, Joe purchased a zero-coupon bond that had just been issued by Rangoon Retailers Ltd. At issue, the bonds had a 10-year term to maturity. The face value per bond is $1,000.. At 1st April 2019, the bonds were priced in the market at a market rate of interest of 6% p.a. effective. One year later, on 1st April 2020, Joe sold the bond. On 1st April 2020 the bonds were being priced at a market rate of interest of 5.5% p.a. effective. Joe's return for the year was Select one: a. 9.6 96 b. 4.89 c. 10.69 d. 4.6%

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