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Ashburn Corporation issued 25-year bonds two years ago at a coupon rate of 5.6 percent. The bonds make semiannual payments. If these bonds currently sell

Ashburn Corporation issued 25-year bonds two years ago at a coupon rate of 5.6 percent. The bonds make semiannual payments.

If these bonds currently sell for 97 percent of par value, what is the YTM?

PLEASE SHOW ACTUAL CALCULATIONS. NO EXCEL PLEASE

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