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#2 The market price of a semi-annual pay bond is $959.46. It has 19.00 years to maturity and a coupon rate of 6.00%. Par value

#2 The market price of a semi-annual pay bond is $959.46. It has 19.00 years to maturity and a coupon rate of 6.00%. Par value is $1,000. What is the effective annual yield? Please show calculations for a financial calculator.

6.37% Is incorrect. Correct Answer: 6.4724%

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