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A bond with 20 years remaining until maturity is currently trading for 111 per 100 of par value. The bond offers a 5% coupon rate

A bond with 20 years remaining until maturity is currently trading for 111 per 100 of par value.

The bond offers a 5% coupon rate with interest paid semiannually. What is the bond's annual

yield-to-maturity ? why?

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