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Bonds issued by the Coleman Manufacturing Company have a par value of $1,000, which of course is also the amount of principal to be paid

Bonds issued by the Coleman Manufacturing Company have a par value of $1,000, which of course is also the amount of principal to be paid at maturity. The bonds are currently selling for $640. They have 10 years remaining to maturity. The annual interest payment is 11 percent ($110).

Compute the yield to maturity.

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