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Jack is planning to invest in a seven-year bond that pays annual coupons at a rate of 6 percent. It is currently selling at $927.23.

Jack is planning to invest in a seven-year bond that pays annual coupons at a rate of 6 percent. It is currently selling at $927.23. The face value is $1,000. The current market yield on such bonds is closest to: (USE EXCEL or FINANCIAL CALCULATOR.)

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