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Fast Food Company decides to issue par $1,000 quarterly bonds to generate cash to fund their capital budgeting projects. The coupon rate is 13.50% and

Fast Food Company decides to issue par $1,000 quarterly bonds to generate cash to fund their capital budgeting projects. The coupon rate is 13.50% and there are 8 years until maturity on the bonds. If the current price of a bond is $1250.00, then what is the YTM on the bond? (Enter your answer as a decimal rounded to 4 decimal places).

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