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Three bonds, paying annual coupons in arrears of 6%, are redeemable at $105 per $100 nominal and reach their redemption dates in exactly one, two

Three bonds, paying annual coupons in arrears of 6%, are redeemable at $105 per $100 nominal and reach their redemption dates in exactly one, two and three years time respectively.The price of each of the bonds is $103 per $100 nominal. Calculate the gross redemption yield of the three-year bond.

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