Question: A $10 000, 7.5% bond with quarterly coupons, redeemable at par on October 15, 2028, was purchased on May 5, 2016, at 98.75. What is

A $10 000, 7.5% bond with quarterly coupons, redeemable at par on October 15, 2028, was purchased on May 5, 2016, at 98.75. What is the approximate yield rate?

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