You buy at time t = 0, a French Treasury bond with annual coupon rate 6% (semi-annual payments), and maturity 4 years at a price of 100.5. Your investment horizon is 2.5 years. The reinvestment rate is supposed to be 4%, the yield to maturity of the bond 5.5% at the end of your investment horizon. Determine the annualized total return of the bond over the horizon. (answer : 5.9348%)

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