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Johnstons bonds are selling for $1,245. They have a 7-year maturity, an annual coupon of $75, a par value of $1,000, and a yield to

Johnstons bonds are selling for $1,245. They have a 7-year maturity, an annual coupon of $75, a par value of $1,000, and a yield to maturity of 3.5 percent. What is their current yield?

Write your answer as a percentage out to two decimal places. Do not include the percentage sign in your answer.

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