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Ackerman Co. has 11 percent coupon bonds on the market with twelve years left to maturity. The bonds make annual payments. If the bond currently

Ackerman Co. has 11 percent coupon bonds on the market with twelve years left to maturity. The bonds make annual payments. If the bond currently sells for $1,293.92, what is its YTM? Assume a par value of $1,000.

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