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Zhang purchases a bond for $ 9 5 2 . The bond matures in 3 years, and Zhang will redeem it at its face value

Zhang purchases a bond for $

952 .

The bond matures in

3

years, and Zhang will redeem it at its face

value of $

1, 000 .

Coupon payments are paid annually. If Zheng will earn a yield of

12 %

per year

compounded yearly, what is the bond

(

coupon

)

rate?

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