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Miles Corp. plans to issue a $1,000 par value, semi-annual payment bond with 20 years to maturity and a coupon rate of 6.00%. The company

Miles Corp. plans to issue a $1,000 par value, semi-annual payment bond with 20 years to maturity and a coupon rate of 6.00%. The company expects the bonds to sell for $908.00. The yield-to-maturity on the bond is estimated to be _______%.

Show work, no excel please.

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