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Ashburn Company issued 16-year bonds two years ago at a coupon rate of 8.5 percent. The bonds make semiannual payments. If these bonds currently sell

Ashburn Company issued 16-year bonds two years ago at a coupon rate of 8.5 percent. The bonds make semiannual payments. If these bonds currently sell for 109 percent of par value, what is the YTM?

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