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Bailey Corporation's noncallable bonds currently sell for $ 1 , 2 0 0 . They have a 1 2 - year maturity, an annual coupon

Bailey Corporation's noncallable bonds currently sell for $

1, 200 .

They have a

12 -

year maturity, an annual coupon of $

100,

and a par value of $

1, 000 .

What is their yield to maturity? Please show computations.

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