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Comstock Industries, Inc., sold a 1 5 - year, $ 1 , 0 0 0 bond with a 1 0 . 5 % annual coupon.

Comstock Industries, Inc., sold a

15 -

year, $

1, 000

bond with a

10.5 %

annual coupon. What is the yield to maturity

(

rounded to two decimal places

)

if the bond sold for $

1, 045 ?

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