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Heath Food Corporations bonds have 18 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 8%.

Heath Food Corporation’s bonds have 18 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 8%. They pay interest annually and have a 9% coupon rate.

What is their current yield? Do not round intermediate calculations. Round your answer to two decimal places.

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