Question: Please provide thorough explanation. If possible, please type or ensure response is legible. A 10 year bond with face value of $1000 and a nominal

Please provide thorough explanation. If possible, please type or ensure response is legible.

A 10 year bond with face value of $1000 and a nominal interest rate of 10% pays interest semi-annually. An investor buys the bond for $1126.50 with 9 years left until the bond matures and keeps it to maturity. What effective annual IRR did the investor receive?

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