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A $1,000 bond is purchased for $975 on March 1, 2006. The bond matures on July 1, 2025 and pays an 11% coupon. What is

  1. A $1,000 bond is purchased for $975 on March 1, 2006. The bond matures on July 1, 2025 and pays an 11% coupon. What is its yield to maturity? (Remember in the formula the time to maturity must be in years).

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