Last year, Joan purchased a $1,000 face value corporate bond with an 9% annual coupon rate and a 25-year maturity. At the time of the purchase, it had an expected yield to maturity of 9.19%. If Joan sold the bond today for $933.51, what rate of return would she have earned for the past year? Round your answer to two decimal places.
Calculation of rate of return earned by Joan is shown below
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