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PLEASE HELP AND EXPLAIN (Bondholders' expected rate of return) You purchased a bond for $700. The bond has a coupon rate of 7 percent, which

PLEASE HELP AND EXPLAIN image text in transcribed
(Bondholders' expected rate of return) You purchased a bond for $700. The bond has a coupon rate of 7 percent, which is paid semiannually. It matures in 17 years and has a par value of $1,000. What is your expected rate of return? Your expected rate of return is \%. (Round to two decimal places.)

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