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7. (20 points) - A man purchases a bond for $1,000. The bond has a face value of $1,800 and pays semi-annual interest payments of

7. (20 points) - A man purchases a bond for $1,000. The bond has a face value of $1,800 and pays semi-annual interest payments of $75 each. If the bond is paid in full after 10 years, what annual rate of return will the man receive? (Estimated Response Time for Average Student: 7 minutes)

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