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(Bondholders' expected rate of return) You own a bond that has a par value of $1,000 and matures in 16 years. It pays an

(Bondholders' expected rate of return) You own a bond that has a par value of $1,000 and matures in 16 years. It pays an annual coupon rate of 9 percent. The bond currently sells for $1,200. What is the bond's expected rate of return? The bond's expected rate of return is %. (Round to two decimal places.)

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