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Elsinore Power Company issued $ 1 , 0 0 0 bonds that have a semiannual coupon rate of 5 . 5 % . The present

Elsinore Power Company issued $

1, 000

bonds that have a semiannual coupon rate of

5.5 % .

The present market value of the bonds is $

825 .

If the bonds have

15

years remaining until maturity, what is the yield to maturity on Elsinore Power Company bonds?

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