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Merck just sold semi - annual, 9 % coupon bonds with a maturity in 4 years. Each bond had a par value of $ 1

Merck just sold semi

-

annual,

9 %

coupon bonds with a maturity in

4

years. Each bond had a par value of $

1, 000

and sold for $

1, 015 .

What was the yield

-

-

maturity of these bonds?

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