Question: Hi there, I believe I'm missing a step in the calculation on this problem. Any help is greatly appreciated. Thank you for your time! There

Hi there,

I believe I'm missing a step in the calculation on this problem. Any help is greatly appreciated. Thank you for your time!

There is a bond that has a quoted price of 94.023 and a par value of $2,000. The coupon rate is 6.51 percent and the bond matures in 13 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?

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