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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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