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Problem 5-13 Yield to Maturity and Current Yield You just purchased a bond that matures in 15 years. The bond has a face value of

Problem 5-13 Yield to Maturity and Current Yield

You just purchased a bond that matures in 15 years. The bond has a face value of $1,000 and has an 8% annual coupon. The bond has a current yield of 8.37%. What is the bond's yield to maturity? Round your answer to two decimal places.

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