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For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted. 1. Which produces the

For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted.

1. Which produces the greatest annual effective rate: 12.5% compounded annually, 12% compounded quarterly, or 11.9% compounded continuously?

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