Zelda Zebu buys a bond five months before a coupon is due to be paid. The bond has a face value of $10,000 and a 7% coupon rate. There are 29 semi-annual coupons remaining. The bond is priced at a YTM of 8%.

Zelda keeps the bond for four years and nine months. She then sells the bond. The YTM at time of sale is the same as that at time of purchase. While the bond was in her possession she deposited all coupons received into a bank account earning interest of J2 = 8%.

What was her HPRR expressed on a per annum compounded twice a year basis?