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The market price of a semi-annual pay bond is $970.45. It has 11.00 years to maturity and a coupon rate of 7.00%. Par value is

The market price of a semi-annual pay bond is $970.45. It has 11.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the effective annual yield?

answer: 7.5341%

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