Suppose you just bought a 14-year semiannual bond for a quoted price of 94.53. The bond has a face value of $1,000 and a coupon rate of 11.71%. What annual interest rate can you expect to earn if you hold the bond until maturity?

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter percentage answers as a positive percentage % rounded to 2 decimal places. For example 0.123456 should be enter as: 12.35 (##.##)