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One bond has a coupon rate of 9%, another a coupon rate of 16%. Both bonds pay coupons semiannually, have 12-year maturities, and sell at

One bond has a coupon rate of 9%, another a coupon rate of 16%. Both bonds pay coupons semiannually, have 12-year maturities, and sell at a yield to maturity of 12%.

If their yields to maturity next year are still 11%, what is the rate of return for the 9% bond?

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