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Problem 5-03 Current Yield for Annual Payments Heath Food Corporation's bonds have 5 years remaining to maturity. The bonds have a face value of $1,000

Problem 5-03

Current Yield for Annual Payments

Heath Food Corporation's bonds have 5 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 11%. They pay interest annually and have a 12% coupon rate. What is their current yield? Round your answer to two decimal places.

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