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Meath Food Corporation's bonds have 16 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 10%.

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Meath Food Corporation's bonds have 16 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 10%. They pay interest annually and have a 12% coupon rate. What is their current yield? Do not round intermediate calculations. Round your answer to two decimal places

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