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A $1,000 par bond with a coupon rate of 7% and coupons paid annually matures in eight years. If the bond is now selling for

A $1,000 par bond with a coupon rate of 7% and coupons paid annually matures in eight years. If the bond is now selling for $950, what is its yield to maturity?

A. 7.9%
B. 6.5%
C. 9.0%
D. 8.3%
E. 7.0%

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