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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 $965. 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 $965. The bonds will mature in 11 years. What is the yield to maturity on the bonds? (YIELD TO MATURITY)

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