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4 years ago you purchased a 12 year maturity, 4% coupon annual pay bond at a price of $90 per $100 of face value. Shortly

4 years ago you purchased a 12 year maturity, 4% coupon annual pay bond at a price of $90 per $100 of face value. Shortly after you purchased the bond, yields changed to 3.97%. If you sell the bond today at a price of $108 per $100 of face value, what is your annualized holding period return?

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