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A 20-year fixed coupon bond has 12 years left until maturity. It has a 7% coupon rate paid SEMI-ANNUALLY. If the price of the bond

A 20-year fixed coupon bond has 12 years left until maturity. It has a 7% coupon rate paid SEMI-ANNUALLY. If the price of the bond is $850, what is the annual yield?

a. 9.08%

b. 4.56%

c. 9.11%

d.4.54%

e. 8.60%

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