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A firm has bonds making $55 semi annual coupon payments with a par value of $1,000 and selling for $1,200. At this price, the bonds

A firm has bonds making $55 semi annual coupon payments with a par value of $1,000 and selling for $1,200. At this price, the bonds annual yield to maturity 8.95%. What is the term to maturity in years?

Answers:

20 years

1 year

3.11 years

10 years

5 years

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