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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

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?

a. 10.09%

b. 11.13%

c. 9.25%

d. 8.00%

e. 9.89%

please solve using an equation not calculator

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