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Suppose that today you buy a bond with an annual coupon rate of 7 percent for $ 1 , 1 6 0 . The bond

Suppose that today you buy a bond with an annual coupon rate of

7

percent for $

1, 160 .

The bond has

15

years to maturity. What rate of return do you expect to earn on your investment? Assume a par value of $

1, 000 .

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