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A bond is purchased for $7,600 with a face value of $9,000 and a redemption value of $10,000 in 5 years. a) Calculate the coupon

A bond is purchased for $7,600 with a face value of $9,000 and a redemption value of $10,000 in 5 years.

a) Calculate the coupon rate needed for a desired yield of 8%.

b) Approximate the yield if the coupon rate is 5%.

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