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4. Two years ago, you acquired a 10-year zero coupon, $1,000 par value bond at a 12%YTM. Recently you sold this bond at an 8%YTM.

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4. Two years ago, you acquired a 10-year zero coupon, $1,000 par value bond at a 12%YTM. Recently you sold this bond at an 8%YTM. Using semi-annual com- pounding, compute the annualized horizon return for this investment

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