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Bourdon Software has 5.5 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and currently sell for 103

Bourdon Software has 5.5 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and currently sell for 103 percent of par. What is the effective annual yield? Round 2 decimal places.

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