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A bond has a 10.5 percent coupon rate, 8 years left to maturity, makes annual interest payments and is currently selling for $1070. What is

A bond has a 10.5 percent coupon rate, 8 years left to maturity, makes annual interest payments and is currently selling for $1070. What is its YTM? Use the trial and error method. Answer- First try? Why? Second try? Why? Using the calculator YTM=9.22%

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