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( Expected rate of return and current yield ) Time Warner has bonds that are selling for $ 1 , 3 7 1 . The

(

Expected rate of return and current yield

)

Time Warner has bonds that are selling for $

1, 371 .

The coupon interest rate on the bonds is

9.15

percent, and they mature in

21

years. What is the yield to maturity on the bonds?

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