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Last year, Sally purchased a $1,000 face value corporate bond with an 11.8 percent annual coupon rate and a 17-year maturity. At the time of

Last year, Sally purchased a $1,000 face value corporate bond with an 11.8 percent annual coupon rate and a 17-year maturity. At the time of the purchase, it had an expected yield to maturity of 14 percent. If Sally sold the bond today for $802.48, what rate of return would she have earned for the past year?

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