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Problem 5-13 Yield to Maturity and Current Yield You just purchased a bond that matures in 12 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 12 years. The bond has a face value of $1,000 and has an 7% annual coupon. The bond has a current yield of 5.74%. What is the bond's yield to maturity? Round your answer to two decimal places.

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