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A U.S. investor purchased Sony bonds that were denominated in yen, had a 6.3% yield to maturity, and had one year to maturity. At the
A U.S. investor purchased Sony bonds that were denominated in yen, had a 6.3% yield to maturity, and had one year to maturity. At the time of purchase, the exchange rate was 119 yen/$. At maturity, the exchange rate was 129 yen/$. The investor's annual return on the bonds was:
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