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Palmer Products has outstanding bonds with an annual 8 percent coupon. The bonds have a par value of $ 1 , 0 0 0 and

Palmer Products has outstanding bonds with an annual

8

percent coupon. The bonds have a par value of $

1, 000

and a price of $

865 .

The bonds will mature in

11

years. What is the yield to maturity on the bonds?

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