Recently, April purchased a bond for $23,150 that pays a 6% coupon, payable semi-annually. The bond matures in 6 years at a par value of $25,000. She can reinvest the semi-annual coupon at 3.5% compounded annually. Her salary is $73,000 per year. Her marginal tax rate is 40%, which is also the applicable tax rate on interest income. The tax rate on dividend income is 22% and the tax rate on capital gain income is 20%.

1. What is her annualized HPR before-tax if she does not reinvest her investment income?