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C Inc., issued 15 Year bonds 2 years ago at a coupon rate of 6.40% percent. The bonds make semi- annual payments. If these bonds

C Inc., issued 15 Year bonds 2 years ago at a coupon rate of 6.40% percent. The bonds make semi- annual payments. If these bonds currently sell for 106 percent of par value, what is the YTM?

Settlement date1/1/2000

Maturity date 1/1/2013

Annual coupon rate =6.40%

Coupons per year =2

Face value (% of par) =100

Bond price (% of par) =106

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