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(Bond valuation) ExxonMobil 15-year bonds pay 11 percent interest annually on a $1,000 par value. If the bonds sell at $1,175, what is the bonds'

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(Bond valuation) ExxonMobil 15-year bonds pay 11 percent interest annually on a $1,000 par value. If the bonds sell at $1,175, what is the bonds' expected rate of return? The bonds' expected rate of return is %. (Round to two decimal places.)

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