You purchased a Province of Alberta bond for $900. The bond will pay $45 interest to you at the end of every six months until it matures in ten years. On the maturity date the bond will pay back its $1000 face value (as well as the interest payment due on that date). What semiannually compounded rate of return will you earn during the ten years?

Multiple Choice

• 10.09% compounded semiannually

• 91.09% compounded semiannually

• 11.09% compounded semiannually

• 11.09% compounded annually

• 11.09% compounded quarterly