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Problem 7-26 (similar to) 0 (Yield to maturity) You own a 24-year bond that pays 12 percent interest annually. The par value of the bond

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Problem 7-26 (similar to) 0 (Yield to maturity) You own a 24-year bond that pays 12 percent interest annually. The par value of the bond is $1,000 and the market price of the bond is $875. What is the yield to maturity of the bond? The yield to maturity of the bond is%. (Round to two decimal places.)

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