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Given the following information, determine the approximate Yield-to-Maturity for this bond. Use the Yield to Maturity (Approximate YTM) formula for your calculation. Show all work.

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Given the following information, determine the approximate Yield-to-Maturity for this bond. Use the Yield to Maturity (Approximate YTM) formula for your calculation. Show all work. Circle your answer. Maturity: 20 years Coupon rate: 7.5% (annual payments) Par: $1,000 Current Price: $985.00

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