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IBM issued a 15 year bond two years ago. It carries a coupon rate of 8.74% The interest is paid twice a year. The bond

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IBM issued a 15 year bond two years ago. It carries a coupon rate of 8.74% The interest is paid twice a year. The bond has a par value of $1,000.00 It sell at a premium of $1,145.00 Ignore taxes. Based on this data, what do you feel the approximate annual yield to maturity will be

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