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A 25-year bond making semi-annual coupon payments of $37.50 is currently trading at a price of $896.71. The face value of the bond is $1000.

A 25-year bond making semi-annual coupon payments of $37.50 is currently trading at a price of $896.71. The face value of the bond is $1000. What is the EAR/EFF of this bond?

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