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Tony Morocco is interested in purchasing a bond with a face value of $1,000 currently trading at $1,262.96 maturing in 11 years. The annual coupon

Tony Morocco is interested in purchasing a bond with a face value of $1,000 currently trading at $1,262.96 maturing in 11 years. The annual coupon rate of the bond is 10% with semi-annual payments.

Required:

What is the expected annual yield on the bond?

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