Steven has $X to invest in two assets

Asset A: 30-year 1,000 par-value coupon bond with 8% quarterly coupons

Asset B: preferred stock which pays $0.10 per share level dividends each quarter

Steven purchases 400 shares of preferred stock at a price to provide him with a 10% nominal yield rate convertible quarterly, assuming all dividends are paid If the annual effective yield rate for Steven is 12.55% for his entire investment, calculate the annual effective yield rate for his 30-year coupon bond.

A. 0.17 B. 0.19 C. 0.21 D. 0.23 E. 0.25