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8. A $1,000 par value bond is issued with a 10-year maturity and a coupon rate of 10 percent. Two years later the price has

8. A $1,000 par value bond is issued with a 10-year maturity and a coupon rate of 10 percent. Two years later the price has risen from $1,000 to $1,248.39. Assuming semi-annual coupon payments, what is the new annual yield to maturity on the bond?

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