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4. A $3000 par value 16 year bond pays semi-annual coupons at the coupon rate of 12% convertible semi-annually. The price of the bond is

4. A $3000 par value 16 year bond pays semi-annual coupons at the coupon rate of 12% convertible semi-annually. The price of the bond is $2900 and is redeemable for $3200. Find the annual effective yield rate, convertible semi-annually

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