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Don purchases a 1000 par value ten-year bond with 8% semiannual coupons for 900. He...

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Finance

Don purchases a 1000 par value ten-year bond with 8% semiannual coupons for 900. He is able to reinvest his coupon payments at a nominal rate of 7% convertible semiannually. Calculate his nominal annual yield rate convertible semiannually over the ten-year period.

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