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A companys non-callable bonds currently sell for $1,165. They have a 15-year maturity, coupon rate of 8% with semi-annual payments and par value of $1,000.

A companys non-callable bonds currently sell for $1,165. They have a 15-year maturity, coupon rate of 8% with semi-annual payments and par value of $1,000. What is their yield to maturity? Explain and show your work.

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