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Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company

Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of Ac1,000, 23 years to maturity, and a coupon rate of 5.8 percent paid annually. If it matures at 4.7 annually what is the current bond rate.

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