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Two years ago, an investor purchased a $1,000 face value corporate bond with an 6% semi-annually coupon rate and a 15-year maturity. At a time

Two years ago, an investor purchased a $1,000 face value corporate bond with an 6% semi-annually coupon rate and a 15-year maturity. At a time of the purchase, the bond had an expected yield to maturity of 8%. Today, the investor sold the bond for $875.00. Calculate the investor's annualized rate of return on this bond investment.

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