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A ten-year bond pays 16% interest on a $1,000 face value annually. If it currently sells for $1,192, what is its approximate yield to maturity

A ten-year bond pays 16% interest on a $1,000 face value annually. If it currently sells for $1,192, what is its approximate yield to maturity (APR)? (Assume annual compounding)

Please show formula.

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