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Suppose a hypothetical CBOT 13-year U.S., semiannual payment, 6% coupon Treasury note futures contract has a quoted price of 89-090. If the note has a

Suppose a hypothetical CBOT 13-year U.S., semiannual payment, 6% coupon Treasury note futures contract has a quoted price of 89-090. If the note has a $1,000 par value, what is the implied annual interest rate inherent in this futures contract? Do not round your intermediate calculations.

a. 8.30% b. 7.35% c. 7.28% d. 5.97% e. 8.15%

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