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A bond with a coupon rate of 5.81 percent and semiannual coupon payments matures in 22 years. The YTM is 6.85 percent. What is the

A bond with a coupon rate of 5.81 percent and semiannual coupon payments matures in 22 years. The YTM is 6.85 percent. What is the effective annual yield?

Answer Options:

6.85%

7.25%

5.89%

5.81%

6.97%

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