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A firm issues 8 - year bonds at par with a coupon rate of 6 . 5 0 % and a face value of $

A firm issues 8-year bonds at par with a coupon rate of 6.50% and a face value of $1,000. If the bonds currently sell for $1,050, then compute the bond's current yield-to-maturity. Assume semiannual compounding. Round to the nearest 0.01, in percentage terms.

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