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New Homes has a bond issue with a coupon rate of 6.5 percent that matures in 16 years. The bonds have a par value of

New Homes has a bond issue with a coupon rate of 6.5 percent that matures in 16 years. The bonds have a par value of $1,000 and a market price of $1,022. Interest is paid semiannually. What is the yield to maturity?

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