There is a bond that has a quoted price of 108.711 and a par value of $2,000. The coupon rate is 6.99% and the bond matures in 21 years. If the bond makes semiannual coupon payments what is the effective annual interest rate? 1.5.70% 2. 3.12% 3.6.34% 4. 6.24% 5.2.93% Please show step by step calculation I am having difficulty understanding this problem Thank You

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