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2. A 6.50% coupon bond with 18 years left to maturity is offered for sale at $1,035.25. What yield to maturity [interest rate] is

2. A 6.50% coupon bond with 18 years left to maturity is offered for sale at $1,035.25. What yield to maturity [interest rate] is the 3. bond offering? Assume interest payments are paid semi-annually, and solve using semi-annual compounding. Par value is $1000.

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