Mayflower, Inc. has some 7% semi-annual coupon bonds on the market selling at $1,012. The bonds have 9 years left to maturity. What is the effective annual yield on these bonds?
A) 6.82%
B) 6.91%
C) 6.94%
D) 7.04%
E) 7.12%
Correct Answer:
Verified
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