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Jenny Clayton is looking to invest in some 5-year bonds that pay annual coupons of 6.25 percent on a face value of $1,000 and are

Jenny Clayton is looking to invest in some 5-year bonds that pay annual coupons of 6.25 percent on a face value of $1,000 and are currently selling for $588.79. What is the yield to maturity on these bonds?

5 percent

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15 percent

20 percent

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