Suppose the U.S. Treasury offers to sell bonds for $700. No payments will be made until the bond matures 12 years from now, at which time it will be redeemed for $1,000. What interest rate would the bond earn if it were purchased at this price? Your answer should be between 1.08 and 5.64, rounded to 2 decimal places, with no special characters.

Suppose the U.S. Treasury offers to sell bonds for $700. No payments will be made until the bond matures 12 years from now, at which time it will be redeemed for $1,000. What interest rate would the bond earn if it were purchased at this price? Your answer should be between 1.08 and 5.64 , rounded to 2 decimal places, with no special characters