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2. The current yield of a bond is defined as the ratio of the interest payment to price. A $1,000-par value bond paying a 6%

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2. The current yield" of a bond is defined as the ratio of the interest payment to price. A $1,000-par value bond paying a 6% annual coupon and selling for $960, for example, has a current yield of 60/960 = 6.25%. = a. What is the bond's yield-to-maturity (YTM) if it has 5 years left to maturity

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