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(Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in 14 years and pay 6 percent interest annually. If you purchase the bonds

(Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in 14 years and pay 6 percent interest annually. If you purchase the bonds for $1,250, what is their yield to maturity? The yield to maturity on the Hoyden bonds is %. (Round to two decimal places.)

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