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Computing the effective yield to maturity

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Assume a zero-coupon bond that sells for $348 and will mature in 20 years at $1,350. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

What is the effective yield to maturity? (Assume annual compounding. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Reference no: EM133069644

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