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There is a bond that has a quoted price of 1 1 0 . 5 4 7 and a par value of $ 2 ,

There is a bond that has a quoted price of 110.547 and a par value of $2,000. The coupon rate is 7.05 percent and the bond matures in 19 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?
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