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1. (Yield to maturity) Assume the market price of a 14-year bond for Margaret Inc. is $700, and it has a par value of $1,000.

1. (Yield to maturity) Assume the market price of a 14-year bond for Margaret Inc. is $700, and it has a par value of $1,000. The bond has an annual interest rate of 7% that is paid semiannually. What is the yield to maturity of the bond?

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