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There is a bond that has a quoted price of 102.285 and a par value of $2,000. The coupon rate is 6.78 percent and the

There is a bond that has a quoted price of 102.285 and a par value of $2,000. The coupon rate is 6.78 percent and the bond matures in 22 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?

6.58%

6.69%

3.29%

3.24%

6.02%

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