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A 20-year bond has a par value of 1000 and pays semi-annual coupons. The bond is callable on any coupon date on or after its

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A 20-year bond has a par value of 1000 and pays semi-annual coupons. The bond is callable on any coupon date on or after its tenth anniversary with a call premium of 60. The bond was purchased for 1075, a price that will provide a yield of at least 5.0% convertible semi-annually. What is the bond's annual coupon rate

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