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Three years ago you purchased a 1 2 % coupon bond that pays semiannual coupon payments for $ 9 7 3 . What would be

Three years ago you purchased a

12 %

coupon bond that pays semiannual coupon payments for $

973 .

What would be your bond equivalent yield if you sold the bond for current market price of $

1, 045 ?

Your bond equivalent yield, if you sold the bond for current market price, is

% . (

Round to two decimal places.

)

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