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A 6.50 percent coupon bond with 18 years left to maturity is offered for sale at $1,035.25. What yield to maturity [interest rate] is the

"A 6.50 percent coupon bond with 18 years left to maturity is offered for sale at $1,035.25. What yield to maturity [interest rate] is the bond offering?" (Cornett, Adair, & Nofsinger, 2016).

Assume interest payments are paid semi-annually, and solve using semi-annual compounding.

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