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Three years ago you purchased a 7% coupon bond that pays semiannual coupon payments for $978. What would be your bond equivalent yield if you

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Three years ago you purchased a 7% coupon bond that pays semiannual coupon payments for $978. What would be your bond equivalent yield if you sold the bond for current market price of $1,048? Your bond equivalent yield, if you sold the bond for current market price, is%. (Round to two decimal places.)

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