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Jay Aquire is considering the purchase of the following: a Builtrite, $1000 par, 6 7/8% coupon rate, 15 year maturity bond which is currently selling

Jay Aquire is considering the purchase of the following: a Builtrite, $1000 par, 6 7/8% coupon rate, 15 year maturity bond which is currently selling for $1020. If Jay purchases the bond, what would his approximate yield-to-maturity be? 5.92% 6.17% 6.41% 6.66%

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Essentials of Corporate Finance

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