You buy a bond with a $1,000 par value today for a price of $875. The bond has 6 years to maturity and makes annual coupon payments of $75 per year. You hold the bond to maturity, but you do not reinvest any of your coupons. What was your effective EAR over the holding period?

The Answer is 8.78%. How do you solve for this? Please don't use Excel.

I found the bond's YTM is 10.4%--is that relevant to the calculation.