Ziad purchases a Treasury bond at E900 (Egyptian pound). The Treasury bond has a par value of E1,000, coupon interest rate of 12%, pays semiannual interest, and has 10 years to maturity. Ziad decides to hold the bond for the next four years and anticipates that its selling price at the end of four years will be E1,120. Calculate the expected annual rate of return (realized) during the holding period.