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Problem 5-2 Yield to Maturity for Annual Payments Wilson Wonders's bonds have 15 years remaining to maturity. Interest is paid annually, the bonds have a

Problem 5-2 Yield to Maturity for Annual Payments

Wilson Wonders's bonds have 15 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 12%. The bonds sell at a price of $1,100. What is their yield to maturity? Round your answer to two decimal places.

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