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Adams Enterprises noncallable bonds currently sell for $1,120. They have a 15-year maturity, an annual coupon rate of $85, and a par value of $1,000.

Adams Enterprises noncallable bonds currently sell for $1,120. They have a 15-year maturity, an annual coupon rate of $85, and a par value of $1,000. What is their current yield?

Please show how to derive the answer without the use of Excel. Thanks!

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