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A loan of 1 2 0 0 is being repaid in ten years by semiannual installments of 6 0 , plus interest on the unpaid

A loan of 1200 is being repaid in ten years by semiannual installments of 60, plus interest
on the unpaid balance at 10% per annum compounded semiannually. The installments
and interst payments are reinvested at 12% per annum compounded semiannually.
Calculate the annual effective yield rate of the loan.

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