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5 . Emily bought a $ 1 0 0 par value 5 - year bond with 8 % semiannual coupons at a purchase price of

5 .

Emily bought a $

100

par value

5 -

year bond with

8 %

semiannual coupons at a purchase price of $

92 .

After receiving the

4

th coupon, Emily sold the bond to Susan. Find the yield to maturity for Susan if the realized yield to Emily is

10 %

compounded semiannually.

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