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A company raises capital by selling $20,000 of debt with float costs equal to 3% of its face value. If the debt matures in 15

A company raises capital by selling $20,000 of debt with float costs equal to 3% of its face value. If the debt matures in 15 years and has an annual coupon interest rate of 9%, what is the YTM of the bond?

The YTM of the bond is %. (Round to two decimal places.)

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