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IBM has a 20-year bond outstanding with 12 years until maturity. The bond has a coupon rate of 4% that is paid semi-annually. The bond

IBM has a 20-year bond outstanding with 12 years until maturity. The bond has a coupon rate of 4% that is paid semi-annually. The bond currently sells for $1,045.26. What is the yield (yield of maturity) on this bond?

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