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9 . AYC issued 1 0 - year bonds with a coupon rate of 5 % . The bond makes semiannual payments. If these bonds

9 .

AYC issued

10 -

year bonds with a coupon rate of

5 % .

The bond makes semiannual payments. If these bonds currently sell for

90 %

of par value. What is the YTM

?

(5

marks

)

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