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3. Consider the purchase of an existing bond selling for $1,150. This bond has 28 years to maturity, pays a 12 percent annual coupon, and

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3. Consider the purchase of an existing bond selling for $1,150. This bond has 28 years to maturity, pays a 12 percent annual coupon, and is callable in 8 years for $1,100. What is the bond's yield to call (YTC)? A) 10.05%. B) 9.26%. C) 10.34%. D) 10.55%

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