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Soo Lee Imports issued 23-year bonds 4 years ago at a coupon rate of 9.7 percent. The bonds make semiannual payments. These bonds currently sell

Soo Lee Imports issued 23-year bonds 4 years ago at a coupon rate of 9.7 percent. The bonds make semiannual payments. These bonds currently sell for 108 percent of par value. What is the yield-to-maturity?

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