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A firm raises capital by selling $ 1 8 , 0 0 0 worth of debt with flotation costs equal to 3 % of its

A firm raises capital by selling $ 18,000 worth of debt with flotation costs equal to 3% of its par value. If the debt matures in 10 years and has an annual coupon interest rate of 12%, what is the bond's YTM?

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