Q9 Consider a 4% coupon, 10-year maturity, 6% YTM (annual coupon PMT). Suppose YTM falls to 5% by the end of the first year, and investor sells at the end of the first year. The investor's tax rate on interest income is 38%, and capital gain tax is 20%. Calculate after-tax return. Assuming the bond is subject to OID tax rules. A) 6.78% B) 7.82% C) 8.63% D) 9.81%