Oriole Corp. has 18-year bonds outstanding. These bonds, which pay interest semiannually, have a coupon rate of 9.235 percent and a yield to maturity of 7.4 percent. Assume face value is $1,000.

Current price is 1180.93

Realized yield 7.4%

QUESTION: If you bought one of these bonds today, what is your expected rate of return? (Round answer to 2 decimal places, e.g. 15.25%.)