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An investor purchases a $1,000 par value bond with 15 years to maturity at $960. The bond pays $50 of coupon interest annually. The investor

An investor purchases a $1,000 par value bond with 15 years to maturity at $960. The bond pays $50 of coupon interest annually. The investor plans to hold the bond for 6 years and expects to sell it at the end of the holding period for 94 percent of its face value. What is his/her expected yield?

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