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A 6.50 percent coupon bond matures in 23 years. It is offered for sale at 98 percent of par. Assume interest payments are semiannual and

A 6.50 percent coupon bond matures in 23 years. It is offered for sale at 98 percent of par. Assume interest payments are semiannual and the par value of the bond is $1,000.

a. What is the bond's Current Yield (CY)?

b. What is the bond's Yield to Maturity (YTM)?

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