Problem $07\mathrm{.}050-$ IRR of high$-$interest bond

During recessionary periods, bonds that were issued many years ago have a higher coupon rate than currently issued bonds.

Therefore, they may sell at a premium, a price higher than their face value, because of currently low coupon rates. A $$50,000$ bond

that was issued $15$ years ago is for sale for $$60,000.$ What rate of return per year will a purchaser make if the bond coupon rate is $16\%$

per year payable quarterly, and the bond is due $5$ years from now?

The rate of return is

$\%$ per year.