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A bond has semi - annual payments of $ 4 0 , a price of $ 1 0 4 0 , a face value of

A bond has semi

-

annual payments of $

40,

a price of $

1040,

a face value of $

1000,

and

15

years to maturity. What is its YTM

?

Express this rate as an EAR

(

or EFF

),

and enter your answer as a percentage to two decimal places.

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