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Your client is considering the purchase of a bond that is currently selling for $ 1 1 1 2 . 0 9 . The client

Your client is considering the purchase of a bond that is currently selling for $1112.09. The client wants to know what annual rate of return can they expect to earn on the bond. The bond has 22 years to maturity, pays a coupon rate of 5.5%(payments made semi-annually), and a face value of $1000.(Round to 100th of a percent and enter your answer as a percentage, e.g.,12.34 for 12.34%)
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