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Please do not use excel to solve this problem and complete all steps. (Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in

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(Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in 17 years and pay 7 percent interest annually. If you purchase the bonds for $800, what is their yield to maturity? The yield to maturity on the Hoyden bonds is 1%. (Round to two decimal places.)

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