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(d) A RM1,000 callable bond with 9% coupons payable semi-annually was redeemed for RM1,100. The bond was bought for RM918 to yield a nominal rate

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(d) A RM1,000 callable bond with 9% coupons payable semi-annually was redeemed for RM1,100. The bond was bought for RM918 to yield a nominal rate of 10% convertible semi-annually. Calculate the number of years the bond was held. Provide your answer to the nearest integer. (4 marks)

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