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A bond offers a coupon that makes annual payments of $87.50. The bond was originally set to mature in 17 years. A quote for this

A bond offers a coupon that makes annual payments of $87.50.

The bond was originally set to mature in 17 years.

A quote for this bond, obtained 15 years after the original issue date, listed the market price as $1,070.00.

What is the YTM for this bond?

My answer YTM = 3.2%

Can you please show your detail work and briefly explain your results. Please help me solve my hw question, I would be very much appreciated.

Thank you.

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