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A $1,000 par value bond with 15 years to maturity and a 5% coupon rate is priced at $1,060. If the coupon is paid semi-annually,

A $1,000 par value bond with 15 years to maturity and a 5% coupon rate is priced at $1,060. If the coupon is paid semi-annually, what is the yield to maturity of the bond (please round your answer to two decimal places)

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