Clapper Corp. issued 12-year bonds 2 years ago at a coupon rate of 7.8 percent. The bonds make semiannual payments. If these bonds currently sell for 108 percent of par value, what is the YTM?

Par Value = $1,000

Using Method One: the equation

Bond price = par value * (1+r)^-n + coupon * (1 - (1+r)^-n)/r

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