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BCC has issued percent debentures that will mature on July 15, Year 31. Assume that interest is paid and compounded annually. If an investor purchased

BCC has issued percent debentures that will mature on July 15, Year 31. Assume that interest is paid and compounded annually. If an investor purchased a $1,000 denomination bond for $1,020 on July 15, Year 1, determine the bonds yield-to-maturity. Round your answer to two decimal places.

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