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3. The bonds issued by Jensen & Son bear 8% coupon, payable semiannually. The bond matures in 12 years and has a $1,000 face value.

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3. The bonds issued by Jensen & Son bear 8% coupon, payable semiannually. The bond matures in 12 years and has a $1,000 face value. Currently, the bond sells at par. What is the yield to maturity? (10 Points)

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