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Consider a bond that pays semiannual coupons at 12% for 10 years. This bond has a face value of $1,000, a redemption value of $1,050

Consider a bond that pays semiannual coupons at 12% for 10 years. This bond has a face value of $1,000, a redemption value of $1,050 and a price of $650. Use Salesman's formula to approximate the yield rate on that bond.

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