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IBM has just issued a callable ( at par ) 1 0 year, 1 0 % coupon bond with annual coupon payments. The bond can

IBM has just issued a callable (at par)10 year, 10% coupon bond with annual coupon payments. The bond can be called at par in one year or anytime thereafter on a coupon payment date. It has a price of $105 per $100 face value. What is the bond's yield to call?

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