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John paid $1,000 for a coupon bond paying 9 percent interest annually. The bond had 12 years to maturity. When John sold the bond exactly
John paid $1,000 for a coupon bond paying 9 percent interest annually. The bond had 12 years to maturity. When John sold the bond exactly three years later, the yield to maturity on the bond had declined to 7 percent. What is John annualized holding period return assuming the coupons were reinvested at 9 percent?
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