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3. A firm issues a bond today with a face value of $1,000, a 6.25% coupon rate, annual coupon payments, and a term of 18

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3. A firm issues a bond today with a face value of $1,000, a 6.25% coupon rate, annual coupon payments, and a term of 18 years. An investor purchases the bond for $1,249. What is the yield to maturity? 1

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