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a 30-year 1000 par value bond with nominal annual coupons at 9% payable semiannually redeems for 1100. the bond is purchased for a price that
a 30-year 1000 par value bond with nominal annual coupons at 9% payable semiannually redeems for 1100. the bond is purchased for a price that results in a nominal annual yield rate of 12% compounded semiannually. suppose that the bond is called (i.e. redeemed) prior to the actual maturity date but immediately after a coupon payment is due. this early redemption results in an actual nominal yield rate convertible semiannually of 14%. Calculate the number of years that the bond was held. give your answer rounded to the nearest whole number.
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