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A 210-year bond with a par value of 1000 and an 8% coupon rate paid semiannually sells for 960. The coupon can be reinvested at

A 210-year bond with a par value of 1000 and an 8% coupon rate paid semiannually sells for 960. The coupon can be reinvested at a nominal interest rate of 6% converted semi-annually. Assuming the bond buyer remains in possession of the bond to maturity, determine the overall effective annual yield rate that the bond buyer receives.

*please answer with no excel

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