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Company XYZ has a bond issue outstanding that pays an 7 . 2 5 % coupon semiannually with a maturity of 1 8 years. The

Company XYZ has a bond issue outstanding that pays an

7.25 %

coupon semiannually with a maturity of

18

years. The bonds have a par value of $

1, 000

and a market price of $

957.20 .

What is the yield to maturity?

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