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A $100 par value 20-year bond with 8% semiannual coupons is sold for $70.40. Just after the 10th coupon payment, this bond is sold to

A $100 par value 20-year bond with 8% semiannual coupons is sold for $70.40.

Just after the 10th coupon payment, this bond is sold to a new purchaser for $112.23.

Find the yield rate, convertible semiannually, for the new purchaser.

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