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A firm raises capital by seling $30,000 worth of debt with flotation costs equal to 1% of its por value. If the debt matures in

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A firm raises capital by seling $30,000 worth of debt with flotation costs equal to 1% of its por value. If the debt matures in 10 years and has an anrual coupon iaterest rate of 12%. what is the bond's YTM? The bond's YTM is 7. (Round to two decimal places.)

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