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An investor purchases two bonds with the following properties: Bond 1: Has a face value $1000 and is redeemable at par. Pays coupons annually

An investor purchases two bonds with the following properties: Bond 1: Has a face value $1000 and is redeemable at par. Pays coupons annually at a rate of 8.3% annual and was purchased for $1182.31. Bond 2: Has a face value $1000 and is redeemable at par. Pays coupons annually at a rate of 6% annual and was purchased for $1036.21. If both bonds mature in the same number of years and the investor yields the same rate on both bonds, find the yield rate (as a percent correct to 2 decimal places). Answer: %

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