A "buy-and-hold" investor purchases a 10-year, 8% annual coupon payment at 85.5031 per $100 par value and sells it in six years. Hence, Bond’s YTM is 10.40%. Annual Compounding. Assume: After the bond is purchased and before the first coupon is received, interest rates go down and thus coupon payments can be reinvested at 7.8%. What is the investor’s (annual) total rate of return?
Express your answer in percent and round your answer to 2 decimal places. For example, if your answer is 0.09457, please write down 9.46 (without the percent sign).