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Elroy Investors is interested in purchasing the bonds of the Judy Company. Judy's bonds are currently priced at $1100 and have 14 years to maturity.

Elroy Investors is interested in purchasing the bonds of the Judy Company. Judy's bonds are currently priced at $1100 and have 14 years to maturity. If the bonds have a 6% coupon rate, what is the yield to maturity of these annual coupon paying bonds?

a. 6.00%

b. 5.1%

c. 4.99%

d. 2.5%

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