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A firm raises capital by selling $20,000 worth of debt with flotation costs equal to 1% of its par value. If the debt matures in

A firm raises capital by selling $20,000 worth of debt with flotation costs equal to 1% of its par value. If the debt matures in 15 years and has an annual coupon interest rate of 10%, what is the bond's YTM?

(Round to two decimal places)

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