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14. Peerless Securities has an issue of $1,000 par value bonds with 12 years remaining to maturity. The bonds pay 6.5% interest on a semi-annual

14. Peerless Securities has an issue of $1,000 par value bonds with 12 years remaining to maturity. The bonds pay 6.5% interest on a semi-annual basis. The current market price of the bonds is $1,025. What is the yield-to-maturity of the bonds

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