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Fluffy Textiles has an outstanding bond that has a face value of $1,000 and a coupon rate equal to 7 percent (paid semiannually). The bond,

Fluffy Textiles has an outstanding bond that has a face value of $1,000 and a coupon rate equal to 7 percent (paid semiannually). The bond, which matures in 16 years, is currently selling for $1,170. What is the bond's yield to maturity (YTM)? 4.45%

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