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A company issues a callable (at par) ten-year, 7% coupon bond with annual coupon payments. The bond can be called at par in one year

A company issues a callable (at par) ten-year, 7% coupon bond with annual coupon payments. The bond can be called at par in one year after release or any time after that on a coupon payment date. On release, it has a price of $104 per $100 of face value. What is the yield to worst of this bond when it is released?

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