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Solow Corp. has a bond with annual interest payments of $120 maturing in 15 years at a value of $1,000 per bond. The current market

Solow Corp. has a bond with annual interest payments of $120 maturing in 15 years at a value of $1,000 per bond. The current market price is $960. What will the nominal yield be?

Which one:

a. 12.7%

b. 12.5%

c. 11.5%

d. 12%

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