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The market price of a semi-annual pay bond is $959.87. It has 16.00 years to maturity and a coupon rate of 6.00%. Par value is

The market price of a semi-annual pay bond is $959.87. It has 16.00 years to maturity and a coupon rate of 6.00%. Par value is $1,000. What is the effective annual yield?

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Answer format: Percentage Round to: 4 decimal places

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