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You purchase a 4% coupon bond which has a 14% YTM. You hold the bond for 4 years and sell it at 8% YTM. You

You purchase a 4% coupon bond which has a 14% YTM. You hold the bond for 4 years and sell it at 8% YTM. You reinvest the coupons (which are paid annually) at 2%. What is your holding period return?

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