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A $20,000 bond is redeemable at 105 in 15 years and pays bond interest at j2 = 12%. The purchase price is $22,200 based on

A $20,000 bond is redeemable at 105 in 15 years and pays bond interest at j2 = 12%. The purchase price is $22,200 based on a yield rate of j2 = x%. Determine x using the method of interpolation.

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