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B8. Assume there is a semi-annual corporate bond with a 12% coupon interest rate, matures in 14 years and has a current market value of

B8. Assume there is a semi-annual corporate bond with a 12% coupon interest rate, matures in 14 years and has a current market value of $700. The bond has a face value of $1000 and is callable in 5 years at $1200. What is the exact current annual yield for this bond? (DO NOT INCLUDE THE PERCENTAGE SIGN IN YOUR ANSWER)

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