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The Wall Street Journal reports that the current rate on 1 0 - year Treasury bonds is 8 . 2 0 percent, on 2 0

The Wall Street Journal reports that the current rate on 10-year Treasury bonds is 8.20 percent, on 20-year Treasury bonds is 8.80 percent, and on a 20-year corporate bond issued by MHM Corp. is 10.65 percent. Assume that the maturity risk premium is zero. If the default risk premium and liquidity risk premium on a 10-year corporate bond issued by MHM Corp. are the same as those on the 20-year corporate bond, calculate the current rate on MHM Corp.s 10-year corporate bond. (Round your answer to 2 decimal places.)

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