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Consider a par bond with n-year maturity, annual coupon rate C and coupon frequency k (e.g., k = 2 for semi-annual coupon payment, and 4

Consider a par bond with n-year maturity, annual coupon rate C and coupon frequency k (e.g., k = 2 for semi-annual coupon payment, and 4 for quarterly coupon payment). Show that the yield-to-maturity of the bond is also C (i.e., Pay yield = Pay coupon)

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