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A firm raises capital by selling $25,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures in

A firm raises capital by selling $25,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures in 15 years and has an annual coupon interest rate of 12%, what is the bond's YTM? Please clearly show all work.

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