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An XYZ A bond, with a face value of $ 1 , 0 0 0 , a maturity of 2 5 years ( from issue

An XYZ A bond, with a face value of $

1, 000,

a maturity of

25

years

(

from issue

),

and a coupon of

11 %

per annum, sold at par on issue

10

years ago. Today it would sell for $

900 .

What was the bond's yield to maturity when it was issued

10

years ago?

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