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There is a bond that has a quoted price of 96.777 and a par value of $2,000. The coupon rate is 6.60 percent and the

There is a bond that has a quoted price of 96.777 and a par value of $2,000. The coupon rate is 6.60 percent and the bond matures in 16 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?

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