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An analyst observes that the current 6-month T-Bill rate is 8% (4% semi-annually) and the one-year T-Bill rate is 9% (4.5% semi-annually). There is an existing 1.5-year, 9% semi-annual coupon bond selling for $990. What is the annualized 1.5-year spot rate? A. 8.8%. B. 9.8%. C. 9.5%. |