Problem 16-10 (Algo) Interest rates and bond ratings [LO 16-2] A previously issued AZ, 15-year industrial bond provides a return 25\%, higher than the prime interest rate of 9 percent. Previously issued A2 public utility bonds provide a yield of one half of a percentage point higher than previously issued A2 industrial bonds of equal quality. Finally, new issues of A2 public utility bonds pay one-half of a percentage point more than previously issued A2 public utility bonds What should be the interest rate on a newly issued A2 public utility bond? Note: Do not round intermediate calculations. Input your answer as a percent rounded to 3 dechral places