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A 10-year bond with a 6% coupon rate is issued with a face value of $500,000. Interest is paid annually on December 31st. The issue

A 10-year bond with a 6% coupon rate is issued with a face value of $500,000. Interest is paid annually on December 31st. The issue price was $538,609. What is the market rate of interest at the time of issue?

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