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Consider a coupon bond that has a $ 1 , 5 0 0 par value and a coupon rate of 4 . 2 % .

Consider a coupon bond that has a $1,500 par value and a coupon rate of 4.2%. The bond is currently selling for $1,620 and has 8 years to maturity. What is the bonds yield to maturity? (Round to 2 decimal places, and answer in 12.34 format if your answer is 12.34%)

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