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IBM has just issued a callable 5 year, 8% coupon bond with quarterly coupon payments. The bond can be called at par in two years

IBM has just issued a callable 5 year, 8% coupon bond with quarterly coupon payments. The bond can be called at par in two years or anytime thereafter on a coupon payment date. It has a price of $108 per $100 face value. What is the bond's yield to call?

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