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An investor bought a 20-year bond at par with a semiannual coupon and a 3% yield-to-maturity. One year later, due to a decline in interest
An investor bought a 20-year bond at par with a semiannual coupon and a 3% yield-to-maturity. One year later, due to a decline in interest rates, she sold the bond at a 2% yield to maturity. What was her capital gain or loss?
15.7%
8.6%
18.7%
16.4%
14.3%
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