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Noor Industries has issued a bond which has a $1.000 par value and a 15 percent annual coupon interest rate. The bond will mature in

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Noor Industries has issued a bond which has a $1.000 par value and a 15 percent annual coupon interest rate. The bond will mature in ten years and currently sells for $1,250. Use the approximation formula to calculate the yield to maturity (YTM) of this bond. *

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