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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 Time Before Market Face Value Semi-annually Maturity Quotation $5000 7% 8 years 97.375 The yield rate is 37.77%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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