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A firm's bonds have a maturity of 10 years with a $1,000 face value, have an 8% semiannual coupon, are callable in 5 years at

A firm's bonds have a maturity of 10 years with a $1,000 face value, have an 8% semiannual coupon, are callable in 5 years at $1,060, and currently sell at a price of $1,113.72.

What is their nominal yield to maturity? Do not round intermediate calculations. Round your answer to two decimal places.

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