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Aurand, Inc. has outstanding bonds with an 8% annual coupon rate paid semiannually. The bonds have a par value of $1,000, a current price of

Aurand, Inc. has outstanding bonds with an 8% annual coupon rate paid semiannually. The bonds have a par value of $1,000, a current price of $565, and will mature in 14 years. What is the yield to maturity on the bond?

15.8%
7.9%
4.62%
9.24%

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