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BHP Billiton issued a coupon bond with a par value of R2 750 000. The coupon bond pays an annual interest rate of 6% and

BHP Billiton issued a coupon bond with a par value of R2 750 000. The coupon bond pays an annual interest rate of 6% and matures in ten years. The bond is currently trading at R2 875 000. Assume that an investor's required rate of return is 4.55%.

Calculate the approximate yield-to-maturity (YTM) for this coupon bond.

Yield-to-maturity (YTM)_______%

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