A 25-year bond making semi-annual coupon payments of $37.50…
A 25-year bond making semi-annual coupon payments of $37.50 is currently trading at a price of $696.71. The face value of the bond is $1000. What is the EAR/EFF of this bond? Please write your answer in percentage terms to two decimal places (7.21 percent is 7.21, not 0.0721)