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A 10-year non-callable bond has an annual coupon rate of 10% and a par value equal to $100. If the bond is redeemable at par
A 10-year non-callable bond has an annual coupon rate of 10% and a par value equal to $100. If the bond is redeemable at par with a yield of , the price of the bond is $125. If the bond is redeemable at 95% of par with the same yield of , the price of the bond is $123. Calculate .
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