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Jed is considering purchasing a 7.25% bond that has 12 years to maturity. Jeds required return on the bond is 8.2% and he has been

Jed is considering purchasing a 7.25% bond that has 12 years to maturity. Jeds required return on the bond is 8.2% and he has been offered the bond at a price of $945. In basis points, what excess return does the bond offer Jed?

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