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Andrew has an opportunity to buy a bond with a face value of $5,000 and a coupon rate of 6%, but payable semi-annually (i.e. 3%

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Andrew has an opportunity to buy a bond with a face value of $5,000 and a coupon rate of 6%, but payable semi-annually (i.e. 3% for every 6 months). If the bond matures in 15 years and Andrew can currently buy this bond for $3,800, what is his IRR for this investment? 1.0%20.0%

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