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Daniel purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 12% convertible semiannually at a price of 1700.00. The

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Daniel purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 12% convertible semiannually at a price of 1700.00. The bond can be called at par value 1000 on any coupon date starting at the end of year 15. Calculates the minimum yield that Daniel could receive, expressed as a nominal annual rate of interest convertible semiannually

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