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Suppose the market yield on mortgages is 9.2% in bond equivalent terms (BEY, or coupon equivalent, CEY). What is the effective yield (EAY or EAR)?

Suppose the market yield on mortgages is 9.2% in bond equivalent terms (BEY, or "coupon equivalent", CEY). What is the effective yield (EAY or EAR)?

Question options:

9.41%

9.52%

9.30%

9.20%

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