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Last year, Jean purchased a $1,000 face value corporate bond with an 8.9 percent annual coupon rate and a 18-year maturity. At the time of

Last year, Jean purchased a $1,000 face value corporate bond with an 8.9 percent annual coupon rate and a 18-year maturity. At the time of the purchase, it had an expected yield to maturity of 7.5 percent. If Jean sold the bond today for $1,114.15, what rate of return would she have earned for the past year?

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