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Say you purchase a $900, 4%, bond for $750. What is the effective interest rate when the interest received is $80 per year on your
Say you purchase a $900, 4%, bond for $750. What is the effective interest rate when the interest received is $80 per year on your $750 investment?
a. 10.66%
b. 8.43%
c. 12.34%
d. 9.98%
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