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3 . Consider a coupon bond paying a 7 % coupon rate annually, with a face value of $ 1 , 0 0 0 ,

3 .

Consider a coupon bond paying a

7 %

coupon rate annually, with a face value of $

1, 000,

maturing in

20

years. The current market price of the bond is $

1, 072.93 .

What is the yield to maturity

(

YTM

)

of the bond?

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