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Ngata Corp. issued 2 0 - year bonds 2 years ago at a coupon rate of 9 . 7 percent. The bonds make semiannual payments.

Ngata Corp. issued 20-year bonds 2 years ago at a coupon rate of 9.7 percent. The bonds make semiannual payments. If these bonds currently sell for 106 percent of par value, what is the YTM?

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