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Merck just sold semi-annual, 7% coupon bonds with a maturity in 4 years. Each bond had a par value of $1,000 and sold for $1,015.

Merck just sold semi-annual, 7% 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-to-maturity of these bonds?

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