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Nathan Akpan is planning to invest in a seven-year bond that pays annual coupons at a rate of 9 percent and has a face value

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Nathan Akpan is planning to invest in a seven-year bond that pays annual coupons at a rate of 9 percent and has a face value of $1,000. It is currently selling at $963. What is the current market yield on such bonds? (Round to the closest answer.) 6.5% 9.8% 8.7% O 7.2%

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