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Technical Sales, Inc. has 5.6 percent coupon bonds on the market with 9 years left to maturity. The bonds make semiannual payments and currently sell

Technical Sales, Inc. has 5.6 percent coupon bonds on the market with 9 years left to maturity. The bonds make semiannual payments and currently sell for 92.5 percent of par. What is the effective annual yield?

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