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Your firm issued two bonds today. The first bond is a 20-year semi-annual coupon bond with the following characteristics: Coupon rate of 3%, YTM of

Your firm issued two bonds today. The first bond is a 20-year semi-annual coupon bond with the following characteristics: Coupon rate of 3%, YTM of 9%, and face value of $1,000. The second bond is a zero-coupon bond (ZCB) with 15 years left to maturity. Since both bonds are trading at the same price, what is the yield of the zero-coupon bond?

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