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( Bondholders' expected rate of return ) The market price is $900 for a 12-year bond ($1,000 parvalue) that pays 12 percent interest (6 percentsemiannually).

(Bondholders' expected rate of return) The market price is $900 for a 12-year bond ($1,000 parvalue) that pays 12 percent interest (6 percentsemiannually). What is thebond's expected rate ofreturn?

Thebond's expected annual rate of return is %

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