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A stock with a term of 9 years has a coupon rate of 5% pa payable half-yearly in arrears and is redeemable at 105%. An

A stock with a term of 9 years has a coupon rate of 5% pa payable half-yearly in arrears and is redeemable at 105%. An investor who is not subject to tax purchases $100 nominal of the stock for $85. Calculate the yield obtained by the investor.

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