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Fitz's 20-year bond pays 11% interest annually on a $1,000 par value. If bonds sell at $905, what is the bond's yield to maturity? What

Fitz's 20-year bond pays 11% interest annually on a $1,000 par value. If bonds sell at $905, what is the bond's yield to maturity? What would be the yield to maturity if the bond paid interest semiannually?

a. The bond's yield to maturity if the bond pays interest annually is __%

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