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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

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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 at par. Bond Rate Payable Market Face Value Time Before Maturity Semi-annually Quotation $8,000 9% 102.75 8 years The yield rate is 1%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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