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QUESTION 20 An investor buys an annual pay, 4% coupon bond for 102. The trade will settle immediately after the annual coupon payment and the

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QUESTION 20 An investor buys an annual pay, 4% coupon bond for 102. The trade will settle immediately after the annual coupon payment and the bond has five years left to maturity. The investor sells the bond two years later for 101.5. The investor's holding period return on the bond includes: A) a capital loss. B) a capital gain C) neither a capital loss nor gain. OA

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