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Suppose your friend owns a $1,000 par value, 10 year, quarterly bond which pays $80 interest per year but pays it quarterly ( $20 every

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Suppose your friend owns a $1,000 par value, 10 year, quarterly bond which pays $80 interest per year but pays it quarterly ( $20 every 3 months, 4 times a year). If the current price of the bond is $949, what is the current yield of the bond? (Round your answer to two decimal point)

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