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Last year, Joan purchased a $ 1 , 0 0 0 face value corporate bond with an 7 % annual coupon rate and a 1
Last year, Joan purchased a $ face value corporate bond with an annual coupon rate and a year maturity. At the time of the purchase, it had an expected yield to maturity of If Joan sold the bond today for $ what rate of return would she have earned for the past year? Round your answer to two decimal places.
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