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A six-year US Government bond makes semi-annual coupon payments of 5% and offers a semiannually compounded yield of 3%. Suppose that one year later the

A six-year US Government bond makes semi-annual coupon payments of 5% and offers a semiannually compounded yield of 3%. Suppose that one year later the bond yields a semiannually compounded yield of 2%. What return has the bondholder earned over the 12-month period?

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