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12. Which security has a higher effective annual interest rate? (a) A four-month T-bill selling at $96.5 with face value of $100. (b) A three-year

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12. Which security has a higher effective annual interest rate? (a) A four-month T-bill selling at $96.5 with face value of $100. (b) A three-year coupon bond selling at $98 and paying a 10% coupon semi-annually

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