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Consider a bond with a Par Value of $1,000. It pays a coupon of 12% and the coupon is paid quarterly. It matures in 10

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Consider a bond with a Par Value of $1,000. It pays a coupon of 12% and the coupon is paid quarterly. It matures in 10 years. Calculate the annual yield on the bond if the price of the bond is $845.87. 3.75% 12.5% 15% None of the above

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