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A bond has a coupon rate of 9 % and makes monthly coupon payments . This bond has a face value of $ 3000 ,

A bond has a coupon rate of 9 % and makes monthly coupon payments . This bond has a face value of $ 3000 , 16 years to maturity and the current price of the bond is $ 3245 . What is the annual YTM of this bond ?

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