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A $25,000, 9.5% bond with semi-annual coupons redeemable at par is bought sixteen years before maturity at 78.25. What was the approximate yield rate? The

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A $25,000, 9.5% bond with semi-annual coupons redeemable at par is bought sixteen years before maturity at 78.25. What was the approximate yield rate? The approximate yield rate is %

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