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A firm raises capital by selling $35,000 worth of debt with flotation costs equal to 3% of its par value. If the debt matures in
A firm raises capital by selling $35,000 worth of debt with flotation costs equal to 3% of its par value. If the debt matures in 5 years and has an annual coupon interest rate of 7%, what is the bond's YTM? The bond's YTM is \%. (Round to two decimal places.)
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