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An investor purchased a 6% semiannual coupon bond due in ten years. The bond is callable in four years at 105, which means the issuer
An investor purchased a 6% semiannual coupon bond due in ten years. The bond is callable in four years at 105, which means the issuer must pay a 5% premium to par value if the bond is called. Assuming the bond was purchased for $1,080.72 and subsequently called four years later, what yield-to-maturity can the investor expect to receive
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