Suppose the U.S. Treasury offers to sell you a bond for $597.25. No payments will be made until the bond matures 5 years from now, at which time it will be redeemed for $1,000. What interest rate would you earn if you bought this bond at the offer price?
a. 11.08%
b. 10.86%
c. 11.94%
d. 9.01%
e. 9.56%
Ans: b. 10.86%
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Fill in the blank(s) with correct word
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