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Use the method of averages to find the approximate yield rate for the bond shown in the table below. The bond is to be redeemed

Use the method of averages to find the approximate yield rate for the bond shown in the table below. The bond is to be redeemed at par.

Face Value- $5000

Bond Rate Payable Semi Annually- 8%

Time Before Maturity-

8 Years Market Quotation- 104.875

What is the Yield Rate? (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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