The market price of a semi-annual pay bond is $989.07. It has 15.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the effective annual yield? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept

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A: We can determine the invoice price of the bond using the formulas below:

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