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A 11-year bond pays 8 interest on a $1000 face value annually. If it currently sells for $1,250, what is its approximate yield to maturity?

A 11-year bond pays 8 interest on a $1000 face value annually. If it currently sells for $1,250, what is its approximate yield to maturity? (Do not round intermediate calculations.)

5.98

4.98

4.48

6.48

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