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What is the market interest rate on these bonds

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Question - On January 1, Year 1, PQR Bank Inc. issued $1,000,000 of 8% bonds due in five years, with annual interest payments on December 31 each year. On January 1, the bonds sold for $1,041,002. What is the market interest rate (yield) on these bonds?

Reference no: EM133102334

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