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A firm raises capital by selling $10,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures in
A firm raises capital by selling $10,000
worth of debt with flotation costs equal to 2% of its par value. If the debt matures in 10 years and has an annual coupon interest rate of 10%, what is the bond's YTM?
The bond's YTM is __%.
(Round to two decimal places.)
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