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Bauer Inc's bonds currently sell for $ 1 , 2 7 5 and have a par value of $ 1 , 0 0 0 .

Bauer Inc's bonds currently sell for $

1, 275

and have a par value of $

1, 000 .

They pay a $

70

annual coupon and have a

20 -

year maturity. What is their yield to maturity

(

YTM

) ?

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