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Gayane Corporation just issued a 20-year 12% semi-annual coupon bond. The bind is currently selling for $950 in the market. Suppose that the bond

Gayane Corporation just issued a 20-year 12% semi-annual coupon bond. The bind is currently selling for $950 in the market. Suppose that the bond includes a call provision that allows the issuer to redeem the bonds after 7 years at the call price of $1,100. What is its yield to call?

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