Question $10$

$5$ pts

Eagle Industries' bonds have a $10-$year maturity and a $8\mathrm{.}10\%$ coupon paid semiannually. They sell at their $$1,000$ par value, and are not callable. What is the effective annual rate $($EFF$\%)$ for these bonds?

Recall that EFF$\%=[1+($ Nominal Rate $\frac{?}{n}){]}^n-1$

Your answer should be between $7\mathrm{.}20$ and $9\mathrm{.}12,$ rounded to $2$ decimal places, with no special characters.