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Bonds of Stalwart Development Corp. are quoted at a price of 103.9 and carry a 14.15% coupon. The bonds pay interest semi-annually and have a

Bonds of Stalwart Development Corp. are quoted at a price of 103.9 and carry a 14.15% coupon. The bonds pay interest semi-annually and have a $1,000 par value. Assuming the bond has 23 years to maturity, find the current yield on the bond.

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