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A $1,000 10% ten-year bond has semiannual coupons. It is purchased new at $880 and is redeemable at $1,020. Find the effective yield rate per

A $1,000 10% ten-year bond has semiannual coupons. It is purchased new at $880 and is redeemable at $1,020. Find the effective yield rate per coupon period

The effective yield rate should be 6.10925%

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