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Palmer Products has an outstanding bond that makes annual coupon payments, has an annual coupon rate of 8 percent, a maturity of 11 years a

Palmer Products has an outstanding bond that makes annual coupon payments, has an annual coupon rate of 8 percent, a maturity of 11 years a face value of $1,000 and a current price of $865.00. What is the yield to maturity (YTM) on the bond?

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