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7 . 1 0 Bond Yields Ngata Corp. issued 1 2 - year bond 2 years ago at a coupon rate of 9 . 2

7.10 Bond Yields
Ngata Corp. issued 12-year bond 2 years ago at a coupon rate of 9.2 percent.
The bonds make semiannual payments. If these bonds currently sell for 104 percent of par value, what is the YTM?
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