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A 9 - year bond with a face value of $ 1 , 0 0 0 currently sells for $ 7 8 5 . The

9 -

year bond with a face value of $

1, 000

currently sells for $

785 .

The coupon rate is

3 %,

the yield to maturity is

___%,

round the answer to

2

decimal places

)

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