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Tangshan Industries has issued a bond which has a $1,000 par value and a 13 percent annual coupon interest rate. The bond will mature in

Tangshan Industries has issued a bond which has a $1,000 par value and a 13 percent annual coupon interest rate. The bond will mature in ten years and currently sells for $1,250. Using this information, the yield to maturity on the Tangshan Industries bond is ________.

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