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Two treasury bonds (with semi-annual coupons) are traded. The first bond matures in six months, has coupon rate 6% per annum, and has dirty price

Two treasury bonds (with semi-annual coupons) are traded. The first bond matures in six months, has coupon rate 6% per annum, and has dirty price $99.50. The second bond matures in twelve months, has coupon rate 12% per annum, and has dirty price $103.04. What is the twelve month spot rate with semi-annual compounding?

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