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Integrated Products has outstanding bonds with an annual 8 percent coupon. The bonds have a par value of $1,000 and a price of $885. The

Integrated Products has outstanding bonds with an annual 8 percent coupon. The bonds have a

par value of $1,000 and a price of $885. The bonds will mature in 11 years. What is the yield to

maturity (YTM) on the bonds? Show your calculations.

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