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There is a bond that has a quoted price of 103.203 and a par value of $2,000. The coupon rate is 6.81 percent and the

There is a bond that has a quoted price of 103.203 and a par value of $2,000. The coupon rate is 6.81 percent and the bond matures in 23 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?

Multiple Choice

6.65%
3.27%
5.98%
3.21%
6.54%

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