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A bond has a face value of $1,000. If this bond will mature in 5 years, pays interest semiannually, and has a coupon rate of

A bond has a face value of $1,000. If this bond will mature in 5 years, pays interest semiannually, and has a coupon rate of 6%, what is the yield to maturity on this bond if it is currently selling for $720? (Show your work to receive full credit)

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