In 2015, Ruby Ltd issued $100 million of Gold bonds due in July 16, 2016. At the issue date, the yield was 540 basis points (5.4%) above the yield on the Gold bonds due in April, 2017. The price and yield to maturity of the Gold issue at September 30, 2015-2017 was reported as follows: Price to Maturity: 2015:   15.33% 2016:   16.68% 2017:   19.15% The assumed yield on the Gold bond for the year 2016 is: a. 24.55% b. 20.73% c. 23.65% d. 22.08%

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