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EXAMPLE 5-3 Comparison of Single-Payment Yield. Bond Fquivalent Yield, and E.AR Suppose you can purchase a $1 million negotiable CD that is currently 105 days

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EXAMPLE 5-3 Comparison of Single-Payment Yield. Bond Fquivalent Yield, and E.AR Suppose you can purchase a $1 million negotiable CD that is currently 105 days from maturity. The CD has a quoted annual interest rate of 4.16 percent for a 360-day year. The bond equivalent yield is calculated as

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