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For a fixed-coupon bond, the yield-to-maturity will normally be: Lower than the effective rate Lower than the coupon rate, if it is a discount bond

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For a fixed-coupon bond, the yield-to-maturity will normally be: Lower than the effective rate Lower than the coupon rate, if it is a discount bond Lower than the current yield Measured over a period of 360-days Lower than the period rate measured over a 6-month period

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