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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $875 for a 19-year bond ($1,000 par value) that pays 8 percent annual interest,
(Related to Checkpoint 9.2) (Yield to maturity) The market price is $875 for a 19-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual basis (4 percent semiannually). What is the bond's yield to maturity?
The bond's yield to maturity
%.
(Round to two decimal places.)
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