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New Markets has $1,000 face value bonds outstanding that pay interest SEMANNUALLY mature in 16 years, and have a 4 percent coupon. The current price

New Markets has $1,000 face value bonds outstanding that pay interest SEMANNUALLY mature in 16 years, and have a 4 percent coupon. The current price is quoted at 93.546. What is the yield to maturity? Round up your answer to the 2nd decimal in %

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