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3, A corporate bond with a face value of $1,000, a coupon rate of 6% paid semi-annually, and 15 years to maturity sells for $866.28.

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3, A corporate bond with a face value of $1,000, a coupon rate of 6% paid semi-annually, and 15 years to maturity sells for $866.28. What is the yield to maturity of this bond? (2 marks)

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