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You just purchased a regular bond. The bond has a face value of $1,000. The bond has a coupon rate of 2.6%. The bond has

You just purchased a regular bond. The bond has a face value of $1,000. The bond has a coupon rate of 2.6%. The bond has 9.0 years to maturity. The bond pays its coupons semi-annually.The yield to maturity on the bond is 7.7%. What is the effective annual rate of return that you will earn?

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