You purchase a 20-year annual coupon bond with coupon rate of 8% and yield to maturity of 8.6%. The face value of the bond is $1,000. Your investment horizon is five years. Just after purchasing the bond, the yield to maturity decreases to 7 percent and stays at that level throughout your investment period. Assume that you are able to reinvest all your coupons at 7 percent annual rate and that you sell the bond five years from today when its yield to maturity is 7 percent, calculate the realized rate of return of your investment. 8.75 10.5% 7.75 9.3% 9.7%