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A coupon bond which pays 7% coupon, with payments semi-annually, has a par value of $1,000, matures in 4 years, and is selling today at

A coupon bond which pays 7% coupon, with payments semi-annually, has a par value of $1,000, matures in 4 years, and is selling today at a $85.00 discount from par value. The current yield on this bond is: Round to the nearest hundredth. Do not use any symbols.

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