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E9-1 A firm raises captial by selling $20,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures

E9-1 A firm raises captial by selling $20,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures in 10 years and has a coupon interest rate of 8%, what is the bond's YTM?

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