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6. Lenny buys a stock for 200 which pays a dividend of 12 at the end of every 6 months. Lenny deposits the dividend payments

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6. Lenny buys a stock for 200 which pays a dividend of 12 at the end of every 6 months. Lenny deposits the dividend payments into a bank account earning a nominal interest rate of 10%, convertible semiannually. At the end f 10 years, immediately after receiving the 20th dividend payment of 12, Lenny sells the stock. The sale price assumes a nominal yield of 8%, convertible semiannually and that the semiannual dividend of 12 will continue forever. Lenny's annual effective yield over the 10-year period is i. Calculate i. 12.80% 12.95% 13.15% 13.30% 13.45%

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