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Bourdon Software has 10.4 percent coupon bonds on the market with 16 years to maturity. The bonds make semiannual payments and currently sell for 108

Bourdon Software has 10.4 percent coupon bonds on the market with 16 years to maturity. The bonds make semiannual payments and currently sell for 108 percent of par. Current yield to bonds is 9.63%

What is the YTM?

What is the effective annual yield?

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