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__PRESENT Three years ago, Prairie Air sold $500 million worth of bonds at $1,000 each. The bonds had a maturity of 12 years and a

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__PRESENT

Three years ago, Prairie Air sold $500 million worth of bonds at $1,000 each. The bonds had a maturity of 12 years and a coupon rate of 12%. Coupon payments are semiannual. Today these bonds are selling for $910. Determine the yield-to-maturity (to the nearest tenth of one percent)

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