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 $750. They have 10 years remaining to maturity. The annual interest payment is 13 percent ($130).

Compute the approximate yield to maturity. (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

Approximate yield to maturity

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