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A firm raises capital by selling $35,000 worth of debt with flotation costs equal to 1% of its par value. If the debt matures in

A firm raises capital by selling $35,000 worth of debt with flotation costs equal to 1% 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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