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An investor buys a 20-year bond with a $1,000 face value for $980. The bonds coupon rate is 6 percent and interest payments are made

An investor buys a 20-year bond with a $1,000 face value for $980. The bonds coupon rate is 6 percent and interest payments are made semi-annually. Using the YTM (yield to maturity) approximation formula, what is the bonds annual yield to maturity?

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