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An FI manager purchases a zero-coupon bond that has two years to maturity.The manager paid $826.45 per $1,000 for the bond.The current yield on a one-year bond of equal risk is 9 percent, and the one-year rate in one year is expected to be either 11.60 percent or 10.40 percent.Either rate is equally probable. What is the yield to maturity for the two-year bond if held to maturity?
European Vacation
A holiday spent in one or more countries in Europe, often characterized by visits to cultural sites, natural landscapes, and experiencing local cuisine.
Clearly Stated
Something presented or expressed in a manner that leaves no doubt about its meaning.
Silence
The absence of sound or the act of refraining from speaking; in legal contexts, it can imply consent or acceptance under certain conditions.
Acceptance
In contract law, acceptance refers to the expression of agreement to the terms of an offer, resulting in a contract.
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