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2. Cockerham Co. Issued 20 year bonds three years ago at a coupon rate of 5.1%. The bonds make semiannual payments. If these bonds currently

2. Cockerham Co. Issued 20 year bonds three years ago at a coupon rate of 5.1%. The bonds make semiannual payments. If these bonds currently sell for 103 percent of par value, what is the YTM? Please answer using by hand and not using excel.

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