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( Related to Checkpoint 9 . 2 ) ( Yield to maturity ) Hoyden Co . ' s bonds mature in 1 9 years and

(Related to Checkpoint 9.2)(Yield to maturity) Hoyden Co.'s bonds mature in 19 years and pay 7 percent interest annually. If you purchase the bonds for $1,300, what is their yield
to maturity?
The yield to maturity on the Hoyden bonds is
%.(Round to two decimal places.)
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