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2. A $1,000-par value bond sells for $1,196. It matures in 20 years, has a 10% coupon rate, and can be called in 5 years

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2. A $1,000-par value bond sells for $1,196. It matures in 20 years, has a 10% coupon rate, and can be called in 5 years at a price of $1,050. Interest is paid semi-annually. What is the bond's approximate yield to call? (6 pts.)

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