You purchased a bond at a price of $2,000. In 15 years when the bond matures, the bond will be worth $10,000. It is exactly 9 years after you purchased the bond and you can sell the bond today for $6,100. If you hold the bond until it matures, what annual rate of return will you earn from today?

8.6 percent

7.7 percent

11.3 percent

13.2 percent

9.5 percent

- I got 11.3 but for some reason my HW says its incorrect.