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You buy a bond with a $1,000 par value today for a price of $905. The bond has 6 years to maturity and makes annual

You buy a bond with a $1,000 par value today for a price of $905. The bond has 6 years to maturity and makes annual coupon payments of $81 per year. You hold the bond to maturity, but you do not reinvest any of your coupons. What was your effective EAR over the holding period?

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