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A bond that pays interest of 8 % semiannually has a par value of $ 1 , 0 0 0 , matures in 1 0

A bond that pays interest of

8 %

semiannually has a par value of $

1, 000,

matures in

10

years

,

and is selling today at $

865 .

The yield to maturity on this bond is

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